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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 28, 2024
OR
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission File Number: 001-09249
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GRACO INC. |
(Exact name of registrant as specified in its charter) |
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Minnesota | | 41-0285640 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification Number) |
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88 - 11th Avenue N.E. | | |
Minneapolis, | Minnesota | | 55413 |
(Address of principal executive offices) | | (Zip Code) |
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(612) | 623-6000 |
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $1.00 per share | GGG | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
Emerging growth company | ☐ | | | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
168,931,354 shares of the Registrant’s Common Stock, $1.00 par value, were outstanding as of July 10, 2024.
TABLE OF CONTENTS
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PART I - FINANCIAL INFORMATION | |
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| Item 1. | | | |
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| Item 2. | | | |
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| Item 3. | | | |
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| Item 4. | | | |
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PART II - OTHER INFORMATION | |
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| Item 1A. | | | |
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| Item 2. | | | |
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| Item 5. | | | |
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| Item 6. | | | |
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PART I Item 1.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited) (In thousands except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
Cost of products sold | 252,389 | | | 268,229 | | | 478,381 | | | 512,735 | |
Gross Profit | 300,854 | | | 291,415 | | | 567,051 | | | 576,555 | |
Product development | 21,897 | | | 21,286 | | | 43,769 | | | 41,765 | |
Selling, marketing and distribution | 69,001 | | | 68,380 | | | 135,632 | | | 133,763 | |
General and administrative | 48,597 | | | 44,697 | | | 93,295 | | | 87,307 | |
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Operating Earnings | 161,359 | | | 157,052 | | | 294,355 | | | 313,720 | |
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Interest expense | 634 | | | 1,798 | | | 1,378 | | | 3,145 | |
Other (income) expense, net | (4,453) | | | (4,365) | | | (12,531) | | | (6,394) | |
Earnings Before Income Taxes | 165,178 | | | 159,619 | | | 305,508 | | | 316,969 | |
Income taxes | 32,200 | | | 25,351 | | | 50,331 | | | 53,535 | |
Net Earnings | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | |
Net Earnings per Common Share | | | | | | | |
Basic | $ | 0.79 | | | $ | 0.80 | | | $ | 1.51 | | | $ | 1.56 | |
Diluted | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | |
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See notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited) (In thousands)
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| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Earnings | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | |
Components of other comprehensive income (loss) | | | | | | | |
Cumulative translation adjustment | (811) | | | 4,553 | | | (19,517) | | | 9,528 | |
Pension and postretirement medical liability adjustment | 1,304 | | | 1,195 | | | 2,222 | | | 2,327 | |
Income taxes - pension and postretirement medical liability adjustment | (352) | | | (264) | | | (589) | | | (508) | |
Other comprehensive income (loss) | 141 | | | 5,484 | | | (17,884) | | | 11,347 | |
Comprehensive Income | $ | 133,119 | | | $ | 139,752 | | | $ | 237,293 | | | $ | 274,781 | |
See notes to consolidated financial statements.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited) (In thousands)
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| June 28, 2024 | | December 29, 2023 |
ASSETS | | | |
Current Assets | | | |
Cash and cash equivalents | $ | 666,006 | | | $ | 537,951 | |
Accounts receivable, less allowances of $5,800 and $5,300 | 350,622 | | | 354,439 | |
Inventories | 457,604 | | | 438,349 | |
Other current assets | 50,000 | | | 35,070 | |
Total current assets | 1,524,232 | | | 1,365,809 | |
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Property, Plant and Equipment, net | 767,722 | | | 741,713 | |
Goodwill | 363,537 | | | 370,228 | |
Other Intangible Assets, net | 113,979 | | | 126,258 | |
Operating Lease Assets | 16,561 | | | 18,768 | |
Deferred Income Taxes | 51,971 | | | 61,381 | |
Other Assets | 41,895 | | | 37,850 | |
Total Assets | $ | 2,879,897 | | | $ | 2,722,007 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
Current Liabilities | | | |
Notes payable to banks | $ | 30,040 | | | $ | 30,036 | |
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Trade accounts payable | 75,268 | | | 72,214 | |
Salaries and incentives | 49,816 | | | 64,802 | |
Dividends payable | 43,095 | | | 42,789 | |
Other current liabilities | 164,116 | | | 185,359 | |
Total current liabilities | 362,335 | | | 395,200 | |
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Retirement Benefits and Deferred Compensation | 80,285 | | | 80,347 | |
Operating Lease Liabilities | 9,751 | | | 11,785 | |
Deferred Income Taxes | 6,947 | | | 8,215 | |
Other Non-current Liabilities | 2,094 | | | 2,235 | |
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Shareholders’ Equity | | | |
Common stock | 168,927 | | | 167,946 | |
Additional paid-in-capital | 922,203 | | | 863,336 | |
Retained earnings | 1,380,234 | | | 1,227,938 | |
Accumulated other comprehensive loss | (52,879) | | | (34,995) | |
Total shareholders’ equity | 2,418,485 | | | 2,224,225 | |
Total Liabilities and Shareholders’ Equity | $ | 2,879,897 | | | $ | 2,722,007 | |
See notes to consolidated financial statements.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) (In thousands)
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| Six Months Ended |
| June 28, 2024 | | June 30, 2023 |
Cash Flows From Operating Activities | | | |
Net Earnings | $ | 255,177 | | | $ | 263,434 | |
Adjustments to reconcile net earnings to net cash provided by operating activities | | | |
Depreciation and amortization | 39,325 | | | 36,117 | |
Deferred income taxes | 7,677 | | | 7,650 | |
Share-based compensation | 20,105 | | | 18,417 | |
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Change in | | | |
Accounts receivable | (1,373) | | | (17,421) | |
Inventories | (22,221) | | | (184) | |
Trade accounts payable | 10,645 | | | (8,243) | |
Salaries and incentives | (15,482) | | | (10,179) | |
Retirement benefits and deferred compensation | 3,193 | | | 1,953 | |
Other accrued liabilities | (28,649) | | | (5,728) | |
Other | (10,475) | | | (3,493) | |
Net cash provided by operating activities | 257,922 | | | 282,323 | |
Cash Flows From Investing Activities | | | |
Property, plant and equipment additions | (73,449) | | | (92,232) | |
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Other | 5,568 | | | (940) | |
Net cash used in investing activities | (67,881) | | | (93,172) | |
Cash Flows From Financing Activities | | | |
Borrowings on short-term lines of credit, net | 712 | | | 28,966 | |
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Payments of debt issuance costs | — | | | (1,025) | |
Common stock issued | 46,802 | | | 52,053 | |
Common stock repurchased | (17,761) | | | (7,766) | |
Taxes paid related to net share settlement of equity awards | (4,612) | | | (1,225) | |
Cash dividends paid | (85,983) | | | (78,991) | |
Net cash used in financing activities | (60,842) | | | (7,988) | |
Effect of exchange rate changes on cash | (1,144) | | | 274 | |
Net increase in cash and cash equivalents | 128,055 | | | 181,437 | |
Cash and Cash Equivalents | | | |
Beginning of year | 537,951 | | | 339,196 | |
End of period | $ | 666,006 | | | $ | 520,633 | |
See notes to consolidated financial statements.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited) (In thousands)
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| Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total |
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Three Months Ended June 28, 2024 | | | | | | | | | |
Balance, March 29, 2024 | $ | 169,125 | | | $ | 912,414 | | | $ | 1,307,130 | | | $ | (53,020) | | | $ | 2,335,649 | |
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Shares issued | 26 | | | 1,407 | | | — | | | — | | | 1,433 | |
Shares repurchased | (224) | | | (946) | | | (16,591) | | | — | | | (17,761) | |
Stock compensation cost | — | | | 9,328 | | | — | | | — | | | 9,328 | |
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Net earnings | — | | | — | | | 132,978 | | | — | | | 132,978 | |
Dividends declared ($0.255 per share) | — | | | — | | | (43,283) | | | — | | | (43,283) | |
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Other comprehensive income (loss) | — | | | — | | | — | | | 141 | | | 141 | |
Balance, June 28, 2024 | $ | 168,927 | | | $ | 922,203 | | | $ | 1,380,234 | | | $ | (52,879) | | | $ | 2,418,485 | |
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Six Months Ended June 28, 2024 | | | | | | | | | |
Balance, December 29, 2023 | $ | 167,946 | | | $ | 863,336 | | | $ | 1,227,938 | | | $ | (34,995) | | | $ | 2,224,225 | |
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Shares issued | 1,205 | | | 40,985 | | | — | | | — | | | 42,190 | |
Shares repurchased | (224) | | | (946) | | | (16,591) | | | — | | | (17,761) | |
Stock compensation cost | — | | | 18,828 | | | — | | | — | | | 18,828 | |
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Net earnings | — | | | — | | | 255,177 | | | — | | | 255,177 | |
Dividends declared ($0.510 per share) | — | | | — | | | (86,290) | | | — | | | (86,290) | |
| | | | | | | | | |
Other comprehensive income (loss) | — | | | — | | | — | | | (17,884) | | | (17,884) | |
Balance, June 28, 2024 | $ | 168,927 | | | $ | 922,203 | | | $ | 1,380,234 | | | $ | (52,879) | | | $ | 2,418,485 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Three Months Ended June 30, 2023 | | | | | | | | | |
Balance, March 31, 2023 | $ | 168,308 | | | $ | 821,570 | | | $ | 1,059,980 | | | $ | (63,515) | | | $ | 1,986,343 | |
| | | | | | | | | |
Shares issued | 677 | | | 20,350 | | | — | | | — | | | 21,027 | |
| | | | | | | | | |
Stock compensation cost | — | | | 8,980 | | | — | | | — | | | 8,980 | |
| | | | | | | | | |
| | | | | | | | | |
Net earnings | — | | | — | | | 134,268 | | | — | | | 134,268 | |
Dividends declared ($0.235 per share) | — | | | — | | | (39,795) | | | — | | | (39,795) | |
| | | | | | | | | |
Other comprehensive income (loss) | — | | | — | | | — | | | 5,484 | | | 5,484 | |
Balance, June 30, 2023 | $ | 168,985 | | | $ | 850,900 | | | $ | 1,154,453 | | | $ | (58,031) | | | $ | 2,116,307 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Six Months Ended June 30, 2023 | | | | | | | | | |
Balance, December 30, 2022 | $ | 167,702 | | | $ | 784,477 | | | $ | 976,851 | | | $ | (69,378) | | | $ | 1,859,652 | |
| | | | | | | | | |
Shares issued | 1,398 | | | 49,430 | | | — | | | — | | | 50,828 | |
Shares repurchased | (115) | | | (539) | | | (7,112) | | | — | | | (7,766) | |
Stock compensation cost | — | | | 17,532 | | | — | | | — | | | 17,532 | |
| | | | | | | | | |
| | | | | | | | | |
Net earnings | — | | | — | | | 263,434 | | | — | | | 263,434 | |
Dividends declared ($0.470 per share) | — | | | — | | | (78,720) | | | — | | | (78,720) | |
| | | | | | | | | |
Other comprehensive income (loss) | — | | | — | | | — | | | 11,347 | | | 11,347 | |
Balance, June 30, 2023 | $ | 168,985 | | | $ | 850,900 | | | $ | 1,154,453 | | | $ | (58,031) | | | $ | 2,116,307 | |
See notes to consolidated financial statements.
GRACO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.Basis of Presentation
The consolidated balance sheet of Graco Inc. and subsidiaries (the “Company”) as of June 28, 2024 and the related statements of earnings, comprehensive income and shareholders' equity for the three and six months ended June 28, 2024 and June 30, 2023, and cash flows for the six months ended June 28, 2024 and June 30, 2023 have been prepared by the Company and have not been audited.
In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 28, 2024, and the results of operations and cash flows for all periods presented.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023 ( the "2023 Annual Report").
The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.
2.Segment Information
The Company has three reportable segments: Contractor, Industrial and Process. Sales and operating earnings by segment were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | | | | | | | |
Contractor | $ | 269,638 | | | $ | 255,648 | | | $ | 499,680 | | | $ | 501,619 | |
Industrial | 155,708 | | | 163,523 | | | 297,699 | | | 313,713 | |
Process | 127,897 | | | 140,473 | | | 248,053 | | | 273,958 | |
Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
Operating Earnings | | | | | | | |
Contractor | $ | 84,362 | | | $ | 68,868 | | | $ | 150,503 | | | $ | 142,640 | |
Industrial | 52,720 | | | 55,887 | | | 97,521 | | | 108,657 | |
Process | 37,279 | | | 43,620 | | | 72,319 | | | 84,185 | |
Unallocated corporate (expense) | (13,002) | | | (11,323) | | | (25,988) | | | (21,762) | |
| | | | | | | |
| | | | | | | |
Total | $ | 161,359 | | | $ | 157,052 | | | $ | 294,355 | | | $ | 313,720 | |
Assets by segment were as follows (in thousands):
| | | | | | | | | | | |
| June 28, 2024 | | December 29, 2023 |
Contractor | $ | 756,733 | | | $ | 712,224 | |
Industrial | 612,236 | | | 640,487 | |
Process | 545,857 | | | 554,753 | |
Unallocated corporate | 965,071 | | | 814,543 | |
Total | $ | 2,879,897 | | | $ | 2,722,007 | |
Geographic information follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales (based on customer location) | | | | | | | |
United States | $ | 315,095 | | | $ | 301,953 | | | $ | 582,927 | | | $ | 590,942 | |
Other countries | 238,148 | | | 257,691 | | | 462,505 | | | 498,348 | |
Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
| | | | | | | | | | | |
| June 28, 2024 | | December 29, 2023 |
Long-lived Assets | | | |
United States | $ | 645,033 | | | $ | 622,430 | |
Other countries | 122,689 | | | 119,283 | |
Total | $ | 767,722 | | | $ | 741,713 | |
3.Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net earnings available to common shareholders | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | |
Weighted average shares outstanding for basic earnings per share | 169,100 | | | 168,683 | | | 168,795 | | | 168,351 | |
Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,386 | | | 3,868 | | | 3,671 | | | 3,763 | |
Weighted average shares outstanding for diluted earnings per share | 172,486 | | | 172,551 | | | 172,466 | | | 172,114 | |
Basic earnings per share | $ | 0.79 | | | $ | 0.80 | | | $ | 1.51 | | | $ | 1.56 | |
Diluted earnings per share | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | |
| | | | | | | |
Anti-dilutive shares not included in diluted earnings per share computation | 1,199 | | | 1,868 | | | 2,139 | | | 2,206 | |
4.Share-Based Awards
Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):
| | | | | | | | | | | | | | | | | | | | | | | |
| Option Shares | | Weighted Average Exercise Price | | Options Exercisable | | Weighted Average Exercise Price |
Outstanding, December 29, 2023 | 9,904 | | | $ | 49.09 | | | 7,274 | | | $ | 41.46 | |
Granted | 925 | | | 80.28 | | | | | |
Exercised | (923) | | | 42.10 | | | | | |
Canceled | (40) | | | 74.66 | | | | | |
Outstanding, June 28, 2024 | 9,866 | | | $ | 54.65 | | | 7,176 | | | $ | 46.17 | |
The Company recognized year-to-date share-based compensation expense of $20.1 million in 2024 and $18.4 million in 2023. As of June 28, 2024, there was $26.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 2.7 years.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results:
| | | | | | | | | | | |
| Six Months Ended |
| June 28, 2024 | | June 30, 2023 |
Expected life in years | 6.6 | | 6.7 |
Interest rate | 4.2 | % | | 4.0 | % |
Volatility | 26.3 | % | | 26.3 | % |
Dividend yield | 1.1 | % | | 1.3 | % |
Weighted average fair value per share | $ | 28.03 | | | $ | 21.76 | |
Under the Company’s Employee Stock Purchase Plan, the Company issued 330,000 shares in 2024 and 323,000 shares in 2023. The fair value of the employees’ purchase rights under this plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results:
| | | | | | | | | | | |
| Six Months Ended |
| June 28, 2024 | | June 30, 2023 |
Expected life in years | 1.0 | | 1.0 |
Interest rate | 4.9 | % | | 5.1 | % |
Volatility | 24.2 | % | | 26.4 | % |
Dividend yield | 1.1 | % | | 1.4 | % |
Weighted average fair value per share | $ | 23.16 | | | $ | 18.04 | |
5.Retirement Benefits
The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Pension Benefits | | | | | | | |
Service cost | $ | 1,253 | | | $ | 1,467 | | | $ | 2,720 | | | $ | 2,931 | |
Interest cost | 2,204 | | | 3,798 | | | 4,634 | | | 7,575 | |
Expected return on assets | (2,623) | | | (3,980) | | | (5,067) | | | (7,955) | |
Amortization and other | 707 | | | 415 | | | 1,643 | | | 855 | |
Net periodic benefit cost | $ | 1,541 | | | $ | 1,700 | | | $ | 3,930 | | | $ | 3,406 | |
Postretirement Medical | | | | | | | |
Service cost | $ | 67 | | | $ | 100 | | | $ | 167 | | | $ | 200 | |
Interest cost | 256 | | | 210 | | | 556 | | | 420 | |
Amortization | (28) | | | 90 | | | (53) | | | 180 | |
Net periodic benefit cost | $ | 295 | | | $ | 400 | | | $ | 670 | | | $ | 800 | |
6.Shareholders’ Equity
Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Pension and Post-retirement Medical | | Cumulative Translation Adjustment | | Total |
Three Months Ended June 28, 2024 | | | | | |
Balance, March 29, 2024 | $ | (30,331) | | | $ | (22,689) | | | $ | (53,020) | |
Other comprehensive income (loss) before reclassifications | — | | | (811) | | | (811) | |
Reclassified to pension cost and deferred tax | 952 | | | — | | | 952 | |
| | | | | |
Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | |
| | | | | | | | | | | | | | | | | |
| | | | | |
Six Months Ended June 28, 2024 | | | | | |
Balance, December 29, 2023 | $ | (31,012) | | | $ | (3,983) | | | $ | (34,995) | |
Other comprehensive income (loss) before reclassifications | — | | | (19,517) | | | (19,517) | |
Reclassified to pension cost and deferred tax | 1,633 | | | — | | | 1,633 | |
| | | | | |
Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | |
| | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | |
Three Months Ended June 30, 2023 | | | | | |
Balance, March 31, 2023 | $ | (38,846) | | | $ | (24,669) | | | $ | (63,515) | |
Other comprehensive income (loss) before reclassifications | — | | | 4,553 | | | 4,553 | |
Reclassified to pension cost and deferred tax | 931 | | | — | | | 931 | |
| | | | | |
Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | |
| | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2023 | | | | | |
Balance, December 30, 2022 | $ | (39,734) | | | $ | (29,644) | | | $ | (69,378) | |
Other comprehensive income (loss) before reclassifications | — | | | 9,528 | | | 9,528 | |
Reclassified to pension cost and deferred tax | 1,819 | | | — | | | 1,819 | |
| | | | | |
Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | |
| | | | | |
Amoun
ts related to pension and post-retirement medical adjustments are reclassified to non-service components of pension cost that are included within other non-operating expenses.
7.Receivables and Credit Losses
Accounts receivable include trade receivables of $338.8 million and other receivables of $11.8 million as of June 28, 2024 and $343.0 million and $11.4 million of trade receivables and other receivables, respectively, as of December 29, 2023.
Allowance for Credit Losses
Following is a summary of activity for credit losses (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Balance, beginning | $ | 4,593 | | | $ | 4,232 | | | $ | 4,655 | | | $ | 6,130 | |
Additions charged to costs and expenses | 455 | | | 417 | | | 505 | | | 280 | |
Deductions from reserves (1) | (135) | | | (449) | | | (167) | | | (2,269) | |
Other (deductions) additions (2) | (28) | | | (1) | | | (108) | | | 58 | |
Balance, ending | $ | 4,885 | | | $ | 4,199 | | | $ | 4,885 | | | $ | 4,199 | |
(1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves.
(2) Includes effects of foreign currency translation.
8.Inventories
Major components of inventories were as follows (in thousands):
| | | | | | | | | | | |
| June 28, 2024 | | December 29, 2023 |
Finished products and components | $ | 243,110 | | | $ | 221,847 | |
Products and components in various stages of completion | 124,741 | | | 131,906 | |
Raw materials and purchased components | 207,142 | | | 202,294 | |
Subtotal | 574,993 | | | 556,047 | |
Reduction to LIFO cost | (117,389) | | | (117,698) | |
Total | $ | 457,604 | | | $ | 438,349 | |
9.Intangible Assets
Components of other intangible assets were as follows (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Finite Life | | Indefinite Life | | |
| Customer Relationships | | Patents and Proprietary Technology | | Trademarks, Trade Names and Other | | Trade Names | | Total |
As of June 28, 2024 | | | | | | | | | |
Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | |
Accumulated amortization | (135,516) | | | (9,423) | | | (677) | | | — | | | (145,616) | |
Foreign currency translation | (8,865) | | | (375) | | | — | | | (689) | | | (9,929) | |
Book value | $ | 47,036 | | | $ | 4,376 | | | $ | 623 | | | $ | 61,944 | | | $ | 113,979 | |
Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of December 29, 2023 | | | | | | | | | |
Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | |
Accumulated amortization | (128,248) | | | (8,547) | | | (561) | | | — | | | (137,356) | |
Foreign currency translation | (7,591) | | | (344) | | | — | | | 2,025 | | | (5,910) | |
Book value | $ | 55,578 | | | $ | 5,283 | | | $ | 739 | | | $ | 64,658 | | | $ | 126,258 | |
Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
Amortization of intangibles for the second quarter was $4.1 million in 2024 and $4.4 million in 2023, and for the year to date was $8.3 million in 2024 and $8.9 million in 2023. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 (Remainder) | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter |
Estimated Amortization Expense | $ | 8,105 | | | $ | 15,964 | | | $ | 9,092 | | | $ | 6,372 | | | $ | 4,222 | | | $ | 8,280 | |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Contractor | | Industrial | | Process | | Total |
Balance, December 29, 2023 | $ | 77,542 | | | $ | 143,132 | | | $ | 149,554 | | | $ | 370,228 | |
| | | | | | | |
| | | | | | | |
Foreign currency translation | (447) | | | (6,063) | | | (181) | | | (6,691) | |
Balance, June 28, 2024 | $ | 77,095 | | | $ | 137,069 | | | $ | 149,373 | | | $ | 363,537 | |
10.Other Current Liabilities
Components of other current liabilities were as follows (in thousands):
| | | | | | | | | | | |
| June 28, 2024 | | December 29, 2023 |
Accrued self-insurance retentions | $ | 8,918 | | | $ | 8,654 | |
Accrued warranty and service liabilities | 14,534 | | | 15,408 | |
Accrued trade promotions | 11,507 | | | 14,312 | |
Payable for employee stock purchases | 8,079 | | | 16,639 | |
Customer advances and deferred revenue | 51,412 | | | 51,578 | |
Income taxes payable | 6,899 | | | 9,837 | |
Tax payable, other | 10,317 | | | 12,289 | |
Right of return refund liability | 17,536 | | | 17,826 | |
Operating lease liabilities, current | 7,247 | | | 8,242 | |
| | | |
Other | 27,667 | | | 30,574 | |
Total | $ | 164,116 | | | $ | 185,359 | |
A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors, including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands):
| | | | | |
Balance, December 29, 2023 | $ | 15,408 | |
| |
Charged to expense | 4,620 | |
Margin on parts sales reversed | 1,649 | |
Reductions for claims settled | (7,143) | |
Balance, June 28, 2024 | $ | 14,534 | |
Customer Advances and Deferred Revenue
Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. During the three and six months ended June 28, 2024, we recognized $13.4 million and $42.1 million, respectively, that was included in deferred revenue at December 29, 2023. During the three and six months ended June 30, 2023, we recognized $16.0 million and $36.6 million, respectively, that were included in deferred revenue at December 30, 2022.
11.Fair Value
Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| Level | | June 28, 2024 | | December 29, 2023 |
Assets | | | | | |
Cash surrender value of life insurance | 2 | | $ | 23,571 | | | $ | 22,255 | |
Forward exchange contracts | 2 | | 398 | | | — | |
Total assets at fair value | | | $ | 23,969 | | | $ | 22,255 | |
Liabilities | | | | | |
Contingent consideration | 3 | | $ | — | | | $ | 1,375 | |
Deferred compensation | 2 | | 7,284 | | | 6,445 | |
Forward exchange contracts | 2 | | — | | | 422 | |
Total liabilities at fair value | | | $ | 7,284 | | | $ | 8,242 | |
Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds.
Contingent consideration liabilities represent the estimated value (using a probability-weighted expected return approach) of future payments to be made to previous owners of certain acquired businesses based on future revenues.
The fair value of variable rate borrowings approximates carrying value. The Company uses significant other observable inputs to estimate fair value (level 2 of the fair value hierarchy) based on the present value of future cash flows and rates that would be available for issuance of debt with similar terms and remaining maturities.
Item 2. GRACO INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
The Company supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and coating materials. Management classifies the Company’s business into three reportable segments: Contractor, Industrial and Process. Key strategies include developing and marketing new products, leveraging products and technologies into additional, growing end-user markets, expanding distribution globally and completing strategic acquisitions that provide additional channel and technologies.
The following Management’s Discussion and Analysis reviews significant factors affecting the Company’s results of operations and financial condition. This discussion should be read in conjunction with the financial statements and the accompanying notes to the financial statements.
Consolidated Results
A summary of financial results follows (in millions except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| Jun 28, 2024 | | Jun 30, 2023 | | % Change | | Jun 28, 2024 | | Jun 30, 2023 | | % Change |
Net Sales | $ | 553.2 | | | $ | 559.6 | | | (1) | % | | $ | 1,045.4 | | | $ | 1,089.3 | | | (4) | % |
Operating Earnings | 161.4 | | | 157.1 | | | 3 | % | | 294.4 | | | 313.7 | | | (6) | % |
| | | | | | | | | | | |
Net Earnings | 133.0 | | | 134.3 | | | (1) | % | | 255.2 | | | 263.4 | | | (3) | % |
Net Earnings, adjusted (1) | 132.2 | | | 128.8 | | | 3 | % | | 244.8 | | | 255.3 | | | (4) | % |
Diluted Net Earnings per Common Share | $ | 0.77 | | | $ | 0.78 | | | (1) | % | | $ | 1.48 | | | $ | 1.53 | | | (3) | % |
Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.77 | | | $ | 0.75 | | | 3 | % | | $ | 1.42 | | | $ | 1.48 | | | (4) | % |
(1) See below for a reconciliation of adjusted non-GAAP financial measures to GAAP.
Net sales for the second quarter decreased 1 percent from the comparable period last year. Sales growth in the Contractor segment was unable to offset declines in the Industrial and Process segments. Regionally, sales decreased in EMEA and Asia Pacific and increased in the Americas. Changes in currency translation rates decreased worldwide net sales by $3 million for the quarter and $4 million for the year to date.
Operating earnings for the second quarter increased 3 percent from the comparable period last year, as an improved gross profit margin rate offset lower sales volume and higher operating expenses.
Net earnings for the second quarter decreased 1 percent from the comparable period last year as higher operating earnings and lower interest expense were unable to offset the impact of a higher effective income tax rate. On an adjusted basis, net earnings increased 3 percent.
Excluding the impacts of excess tax benefits from stock option exercises presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of income taxes, effective income tax rate, net earnings and diluted earnings per share follows (in millions except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Earnings before income taxes | $ | 165.2 | | | $ | 159.6 | | | $ | 305.5 | | | $ | 317.0 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Income taxes, as reported | $ | 32.2 | | | $ | 25.4 | | | $ | 50.3 | | | $ | 53.5 | |
| | | | | | | |
| | | | | | | |
Excess tax benefit from option exercises | 0.8 | | | 5.5 | | | 10.4 | | | 8.1 | |
Income taxes, adjusted | $ | 33.0 | | | $ | 30.9 | | | $ | 60.7 | | | $ | 61.6 | |
| | | | | | | |
Effective income tax rate | | | | | | | |
As reported | 19.5 | % | | 15.9 | % | | 16.5 | % | | 16.9 | % |
Adjusted | 20.0 | % | | 19.4 | % | | 19.9 | % | | 19.4 | % |
| | | | | | | |
Net Earnings, as reported | $ | 133.0 | | | $ | 134.3 | | | $ | 255.2 | | | $ | 263.4 | |
| | | | | | | |
| | | | | | | |
Excess tax benefit from option exercises | (0.8) | | | (5.5) | | | (10.4) | | | (8.1) | |
Net Earnings, adjusted | $ | 132.2 | | | $ | 128.8 | | | $ | 244.8 | | | $ | 255.3 | |
| | | | | | | |
Weighted Average Diluted Shares | 172.5 | | | 172.6 | | | 172.5 | | | 172.1 | |
Diluted Earnings per Share | | | | | | | |
As reported | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | |
Adjusted | $ | 0.77 | | | $ | 0.75 | | | $ | 1.42 | | | $ | 1.48 | |
The following table presents an overview of components of net earnings as a percentage of net sales:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Cost of products sold | 45.6 | | | 47.9 | | | 45.8 | | | 47.1 | |
Gross Profit | 54.4 | | | 52.1 | | | 54.2 | | | 52.9 | |
Product development | 4.0 | | | 3.8 | | | 4.1 | | | 3.8 | |
Selling, marketing and distribution | 12.5 | | | 12.2 | | | 13.0 | | | 12.3 | |
General and administrative | 8.8 | | | 8.0 | | | 8.9 | | | 8.0 | |
| | | | | | | |
| | | | | | | |
Operating Earnings | 29.2 | | | 28.1 | | | 28.2 | | | 28.8 | |
Interest expense | 0.1 | | | 0.3 | | | 0.1 | | | 0.3 | |
| | | | | | | |
Other (income) expense, net | (0.8) | | | (0.8) | | | (1.1) | | | (0.6) | |
Earnings Before Income Taxes | 29.9 | | | 28.5 | | | 29.2 | | | 29.1 | |
Income taxes | 5.8 | | | 4.5 | | | 4.7 | | | 4.9 | |
Net Earnings | 24.0 | % | | 24.0 | % | | 24.4 | % | | 24.2 | % |
Net Sales
The following table presents net sales by geographic region (in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Americas(1) | $ | 364.3 | | | $ | 345.8 | | | $ | 670.8 | | | $ | 677.7 | |
EMEA(2) | 108.7 | | | 115.7 | | | 219.8 | | | 224.6 | |
Asia Pacific | 80.2 | | | 98.1 | | | 154.8 | | | 187.0 | |
Consolidated | $ | 553.2 | | | $ | 559.6 | | | $ | 1,045.4 | | | $ | 1,089.3 | |
(1) North, South and Central America, including the United States
(2) Europe, Middle East and Africa
The following table presents the components of net sales change by geographic region:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | 5% | | 0% | | 0% | | 5% | | (1)% | | 0% | | 0% | | (1)% |
EMEA | (5)% | | 0% | | (1)% | | (6)% | | (3)% | | 0% | | 1% | | (2)% |
Asia Pacific | (16)% | | 0% | | (2)% | | (18)% | | (15)% | | 0% | | (2)% | | (17)% |
Consolidated | (1)% | | 0% | | 0% | | (1)% | | (4)% | | 0% | | 0% | | (4)% |
Gross Profit
Gross profit margin rate improved 2 percentage points for the second quarter and 1 percentage point for the year to date from the comparable periods last year mostly due to lower product costs and realized price increases.
Operating Expenses
Total operating expenses for the second quarter were $5 million (4 percent) higher than the second quarter last year. The increase for the quarter included approximately $3 million of expenses associated with the relocation to a new distribution center and $2 million related to product development, growth initiatives and other corporate items. Year-to-date operating expenses increased $10 million (4 percent) compared to the first half last year. The increase included $5 million related to product development, growth initiatives and other corporate items, $3 million associated with the distribution center relocation, and $2 million of incremental share-based compensation. Operating expense rate-related increases of approximately 3 percent for both the quarter and year to date were mostly offset by reductions in sales and earnings-based expenses.
Interest and Other (Income) Expense
Interest expense was $1 million lower for the second quarter and $2 million lower for the year to date compared to the same periods last year as private placement debt was repaid in the third quarter of 2023. Other income was flat for the quarter and increased $6 million year to date from the comparable periods last year. The year-to-date increase was largely due to increased interest income.
Income Taxes
The effective income tax rate was up 4 percentage points to 20 percent for the second quarter and down 1 percentage point to 16 percent for the year to date from the comparable periods last year due primarily to variations in excess tax benefits related to stock option exercises.
Segment Results
Certain measurements of segment operations compared to last year are summarized below:
Contractor Segment
The following table presents net sales and operating earnings as a percentage of sales for the Contractor segment
(dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | | | | | | | |
Americas | $ | 204.9 | | | $ | 188.4 | | | $ | 370.5 | | | $ | 372.5 | |
EMEA | 44.7 | | | 48.4 | | | 91.1 | | | 90.6 | |
Asia Pacific | 20.0 | | | 18.8 | | | 38.1 | | | 38.5 | |
Total | $ | 269.6 | | | $ | 255.6 | | | $ | 499.7 | | | $ | 501.6 | |
Operating earnings as a percentage of net sales | 31 | % | | 27 | % | | 30 | % | | 28 | % |
The following table presents the components of net sales change by geographic region for the Contractor segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | 9% | | 0% | | 0% | | 9% | | (1)% | | 0% | | 0% | | (1)% |
EMEA | (7)% | | 0% | | (1)% | | (8)% | | 0% | | 0% | | 1% | | 1% |
Asia Pacific | 10% | | 0% | | (3)% | | 7% | | 3% | | 0% | | (4)% | | (1)% |
Segment Total | 6% | | 0% | | (1)% | | 5% | | 0% | | 0% | | 0% | | 0% |
Favorable response from new product offerings led to a 5 percent increase in net sales for the second quarter. Net sales were flat for the year to date as favorable response from new product offerings offset softness in worldwide construction markets. The operating margin rate increased 4 percentage points for the quarter driven by lower product costs and price realization. For the year to date, lower product costs and price realization were partially offset by higher expenses, particularly in new product development, resulting in a 2 percentage point increase to the operating margin rate.
Industrial Segment
The following table presents net sales and operating earnings as a percentage of sales for the Industrial segment
(dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | | | | | | | |
Americas | $ | 72.5 | | | $ | 65.7 | | | $ | 134.1 | | | $ | 129.0 | |
EMEA | 47.5 | | | 49.1 | | | 94.7 | | | 97.2 | |
Asia Pacific | 35.7 | | | 48.7 | | | 68.9 | | | 87.5 | |
Total | $ | 155.7 | | | $ | 163.5 | | | $ | 297.7 | | | $ | 313.7 | |
Operating earnings as a percentage of net sales | 34 | % | | 34 | % | | 33 | % | | 35 | % |
The following table presents the components of net sales change by geographic region for the Industrial segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | 10% | | 0% | | 0% | | 10% | | 4% | | 0% | | 0% | | 4% |
EMEA | (2)% | | 0% | | (1)% | | (3)% | | (3)% | | 0% | | 0% | | (3)% |
Asia Pacific | (25)% | | 0% | | (2)% | | (27)% | | (19)% | | 0% | | (2)% | | (21)% |
Segment Total | (4)% | | 0% | | (1)% | | (5)% | | (5)% | | 0% | | 0% | | (5)% |
Industrial segment net sales decreased 5 percent for the second quarter and year to date, as growth in the Americas was more than offset by double-digit declines in Asia Pacific. The operating margin rate was flat for the quarter and decreased 2 percentage points for the year to date. The favorable effects of product and channel mix was able to offset higher expenses for the quarter, but unable to offset higher expenses for the year to date. Changes in foreign currency translation rates further reduced the operating margin rate for the year to date.
Process Segment
The following table presents net sales and operating earnings as a percentage of sales for the Process segment
(dollars in millions):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 |
Net Sales | | | | | | | |
Americas | $ | 86.9 | | | $ | 91.7 | | | $ | 166.2 | | | $ | 176.2 | |
EMEA | 16.5 | | | 18.2 | | | 34.0 | | | 36.8 | |
Asia Pacific | 24.5 | | | 30.6 | | | 47.8 | | | 61.0 | |
Total | $ | 127.9 | | | $ | 140.5 | | | $ | 248.0 | | | $ | 274.0 | |
Operating earnings as a percentage of net sales | 29 | % | | 31 | % | | 29 | % | | 31 | % |
The following table presents the components of net sales change by geographic region for the Process segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | (5)% | | 0% | | 0% | | (5)% | | (6)% | | 0% | | 0% | | (6)% |
EMEA | (9)% | | 0% | | 0% | | (9)% | | (8)% | | 0% | | 0% | | (8)% |
Asia Pacific | (19)% | | 0% | | (1)% | | (20)% | | (20)% | | 0% | | (2)% | | (22)% |
Segment Total | (9)% | | 0% | | 0% | | (9)% | | (9)% | | 0% | | 0% | | (9)% |
Process segment net sales decreased 9 percent for both the second quarter and year to date, as sales decreased in most product applications. Weakness in the semiconductor and industrial lubrication product applications was notable for both the quarter and year to date. The operating margin rate for this segment decreased approximately 2 percentage points for the quarter and year to date due primarily to unfavorable expense leverage on lower sales volume.
Liquidity and Capital Resources
Net cash provided by operating activities totaled $258 million in the first six months of 2024 compared to $282 million in 2023. Lower net earnings and increased inventory purchases in 2024 drove most of the decrease. Inventory levels increased in 2024 primarily due to the effect of new product offerings. Significant uses of cash in the first half of 2024 included plant and equipment additions of $73 million and dividend payments of $86 million. Net proceeds from shares issued totaled $42 million, which were partially offset by share repurchases of $18 million.
In the first half of 2023, significant uses of cash included plant and equipment additions of $92 million and dividend payments of $79 million. Net proceeds from shares issued totaled $51 million, which was partially offset by share repurchases of $8 million.
As of June 28, 2024, the Company had available liquidity of $1,441 million, including cash and cash equivalents of $666 million, of which $226 million was held outside of the U.S., and available credit under existing committed credit facilities of $775 million.
Cash balances and unused financing sources are expected to provide the Company with the flexibility to meet its liquidity needs for the next 12 months and beyond, including its capital expenditure plan, planned dividends, share repurchases, acquisitions and operating requirements. Capital expenditures for 2024 are expected to be approximately $120 million, including $70 million in facility expansion projects. The Company may make opportunistic share repurchases going forward.
Outlook
Given the slow first half of the year in both the Industrial and Process segments, we lowered our full-year 2024 worldwide outlook to low single-digit sales decline on an organic, constant currency basis. While overall economic conditions are challenging, particularly in Asia Pacific, we continue to pursue our proven growth strategies and invest in our businesses.
Cautionary Statement Regarding Forward-Looking Statements
The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2023 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these statements in light of new information or future events.
Future results could differ materially from those expressed, due to the impact of changes in various factors. These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial and industrial activity worldwide; changes in currency translation rates; international and domestic political instability; interest rate fluctuations and changes in credit markets; global sourcing of materials; interruptions of or intrusions into our information systems; intellectual property rights; the use of generative artificial intelligence; conducting business internationally; catastrophic events; our ability to attract, develop and retain qualified personnel; public health crises; our growth strategies and acquisitions; potential goodwill impairment; our ability to compete effectively; our dependence on a few large customers; our dependence on cyclical industries; changes in laws and regulations; climate-related laws, regulations and accords; environmental, social and governance-related expectations and requirements; compliance with anti-corruption and trade laws; changes in tax rates or the adoption of new tax legislation; and costs associated with legal proceedings. Please refer to Item 1A of our 2023 Annual Report and Item 1A of this Form 10-Q for a more comprehensive discussion of these and other risk factors. These reports are available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
Investors should realize that factors other than those identified above and in Item 1A might prove important to the Company’s future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s operations in the future as new factors can develop from time to time.
Item 3.Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes related to market risk from the disclosures made in the Company's 2023 Annual Report.
Item 4.Controls and Procedures
Evaluation of disclosure controls and procedures
As of the end of the fiscal quarter covered by this report, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures. This evaluation was done under the supervision and with the participation of the Company’s President and Chief Executive Officer and the Chief Financial Officer and Treasurer. Based upon that evaluation, the Company's President and Chief Executive Officer and the Chief Financial Officer and Treasurer concluded that the Company’s disclosure controls and procedures are effective.
Changes in internal controls
During the quarter, there was no change in the Company’s internal control over financial reporting that has materially affected or is reasonably likely to materially affect the Company’s internal control over financial reporting.
PART IIOTHER INFORMATION
Item 1A.Risk Factors
There have been no material changes to the Company’s risk factors from those disclosed in the Company’s 2023 Annual Report.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
On December 7, 2018, the Board of Directors authorized the purchase of up to 18 million shares of common stock, primarily through open market transactions. The authorization is for an indefinite period of time or until terminated by the Board.
In addition to shares purchased under the Board authorization, the Company purchases shares of common stock held by employees who wish to tender owned shares to satisfy the exercise price or tax due upon exercise of options or vesting of restricted stock.
Information on issuer purchases of equity securities follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (at end of period) |
March 30, 2023 - April 26, 2024 | | — | | | $ | — | | | — | | | 13,549,640 | |
April 27, 2024 - May 31, 2024 | | — | | | $ | — | | | — | | | 13,549,640 | |
June 1, 2024 - June 28, 2024 | | 223,943 | | | $ | 78.74 | | | — | | | 13,325,697 | |
Item 5.Other Information
During the three months ended June 28, 2024, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).
Item 6.Exhibits
| | | | | | | | |
3.1 | | | |
| | |
3.2 | | | |
| | |
| | Certification of President and Chief Executive Officer pursuant to Rule 13a-14(a). |
| | |
| | Certification of Chief Financial Officer and Treasurer pursuant to Rule 13a-14(a). |
10.1 | | |
| | |
| | Certification of President and Chief Executive Officer and Chief Financial Officer and Treasurer pursuant to Section 1350 of Title 18, U.S.C. |
| | |
| | Press Release Reporting Second Quarter Earnings dated July 24, 2024. |
| | |
101 | | | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language). |
| | |
104 | | | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). |
| | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GRACO INC.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Date: | | July 24, 2024 | | By: | | /s/ Mark W. Sheahan |
| | | | | | Mark W. Sheahan |
| | | | | | President and Chief Executive Officer |
| | | | | | (Principal Executive Officer) |
| | | |
Date: | | July 24, 2024 | | By: | | /s/ David M. Lowe |
| | | | | | David M. Lowe |
| | | | | | Chief Financial Officer and Treasurer |
| | | | | | (Principal Financial Officer) |
| | | |
Date: | | July 24, 2024 | | By: | | /s/ Christopher D. Knutson |
| | | | | | Christopher D. Knutson |
| | | | | | Executive Vice President, Corporate Controller |
| | | | | | (Principal Accounting Officer) |
CERTIFICATION
I, Mark W. Sheahan, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Graco Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | |
Date: | | July 24, 2024 | | /s/ Mark W. Sheahan |
| | | | Mark W. Sheahan |
| | | | President and Chief Executive Officer |
CERTIFICATION
I, David M. Lowe, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Graco Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | |
Date: | | July 24, 2024 | | /s/ David M. Lowe |
| | | | David M. Lowe |
| | | | Chief Financial Officer and Treasurer |
CERTIFICATION UNDER SECTION 1350
Pursuant to Section 1350 of Title 18 of the United States Code, each of the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of Graco Inc.
| | | | | | | | | | | | | | |
| | | | |
Date: | | July 24, 2024 | | /s/ Mark W. Sheahan |
| | | | Mark W. Sheahan |
| | | | President and Chief Executive Officer |
| | | |
Date: | | July 24, 2024 | | /s/ David M. Lowe |
| | | | David M. Lowe |
| | | | Chief Financial Officer and Treasurer |
| | | | | | | | | | | | | | |
Exhibit 99.1 | | | GRACO INC. | |
| | | P.O. Box 1441 |
| Minneapolis, MN |
55440-1441 |
NYSE: GGG |
| | | | | |
FOR IMMEDIATE RELEASE: | FOR FURTHER INFORMATION: |
Wednesday, July 24, 2024 | Financial Contact: David M. Lowe, 612-623-6456 Media Contact: Meredith A. Sobieck, 612-623-6427 Meredith_A_Sobieck@graco.com |
Graco Reports Second Quarter Results
MINNEAPOLIS (7/24/2024) – Graco Inc. (NYSE: GGG) today announced results for the second quarter ended June 28, 2024.
Summary
$ in millions except per share amounts
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| Jun 28, 2024 | | Jun 30, 2023 | | % Change | | Jun 28, 2024 | | Jun 30, 2023 | | % Change |
Net Sales | $ | 553.2 | | | $ | 559.6 | | | (1) | % | | $ | 1,045.4 | | | $ | 1,089.3 | | | (4) | % |
Operating Earnings | 161.4 | | | 157.1 | | | 3 | % | | 294.4 | | | 313.7 | | | (6) | % |
Net Earnings | 133.0 | | | 134.3 | | | (1) | % | | 255.2 | | | 263.4 | | | (3) | % |
Diluted Net Earnings per Common Share | $ | 0.77 | | | $ | 0.78 | | | (1) | % | | $ | 1.48 | | | $ | 1.53 | | | (3) | % |
| | | | | | | | | | | |
Adjusted (non-GAAP): (1) | | | | | | | | | | | |
| | | | | | | | | | | |
Net Earnings, adjusted | $ | 132.2 | | | $ | 128.8 | | | 3 | % | | $ | 244.8 | | | $ | 255.3 | | | (4) | % |
Diluted Net Earnings per Common Share, adjusted | $ | 0.77 | | | $ | 0.75 | | | 3 | % | | $ | 1.42 | | | $ | 1.48 | | | (4) | % |
(1) Excludes the impact of excess tax benefits from stock option exercises. See Financial Results Adjusted for Comparability below for a reconciliation of adjusted non-GAAP financial measures to GAAP.
•Net sales for the second quarter decreased 1 percent. Sales growth in the Contractor segment was unable to offset declines in the Industrial and Process segments. Regionally, sales decreased in EMEA and Asia Pacific and increased in the Americas.
•Operating earnings for the second quarter increased 3 percent, as an improved gross profit margin rate offset lower sales volume and higher operating expenses.
•Net earnings for the second quarter decreased 1 percent as higher operating earnings and lower interest expense were unable to offset the impact of a higher effective income tax rate. On an adjusted basis, net earnings increased 3 percent.
“Strength in the Contractor segment this quarter was not enough to offset declines elsewhere, resulting in overall sales performance that was below our expectations," said Mark Sheahan, Graco's President and CEO. "New product introductions in Contractor were well-received and led to sales growth. Declines in Asia Pacific were driven largely by the China market, where softening demand is negatively impacting our sealant and adhesives, powder coating equipment and semiconductor businesses. Operating earnings performance was strong for the quarter with an expansion of more than 100 basis points when compared to our second quarter last year."
Consolidated Results
Net sales for the second quarter decreased 1 percent from the comparable period last year. Second quarter net sales increased 5 percent in the Americas, decreased 6 percent in EMEA (5 percent at consistent translation rates) and decreased 18 percent in Asia Pacific (16 percent at consistent translation rates). Year-to-date net sales decreased 4 percent from the comparable period last year. Year-to-date net sales decreased 1 percent in the Americas, decreased 2 percent in EMEA (3 percent at consistent translation rates) and decreased 17 percent in Asia Pacific (15 percent at consistent translation rates). Changes in currency translation rates decreased worldwide sales by $3 million for the quarter and $4 million for the year to date.
Gross profit margin rate improved 2 percentage points for the second quarter and 1 percentage point for the year to date from the comparable periods last year mostly due to lower product costs and realized price increases.
Total operating expenses for the second quarter were $5 million (4 percent) higher than the second quarter last year. The increase for the quarter included approximately $3 million of expenses associated with the relocation to a new distribution center and $2 million related to product development, growth initiatives and other corporate items. Year-to-date operating expenses increased $10 million (4 percent) compared to the first half last year. The increase included $5 million related to product development, growth initiatives and other corporate items, $3 million associated with the distribution center relocation, and $2 million of incremental share-based compensation. Operating expense rate-related increases of approximately 3 percent for both the quarter and year to date were mostly offset by reductions in sales and earnings-based expenses.
Interest expense was $1 million lower for the second quarter and $2 million lower for the year to date compared to the same periods last year as private placement debt was repaid in the third quarter of 2023. Other income was flat for the quarter and increased $6 million year-to-date from the comparable periods last year. The year-to-date increase was largely due to increased interest income.
The effective income tax rate was up 4 percentage points to 20 percent for the second quarter and down 1 percentage point to 16 percent for the year to date from the comparable periods last year due primarily to variations in excess tax benefits related to stock option exercises.
Segment Results
Management assesses performance of segments by reference to operating earnings excluding unallocated corporate expenses. For a reconciliation of segment operating earnings to consolidated operating earnings, refer to the segment information table included in the financial statement section of this release. Certain measurements of segment operations are summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Contractor | | Industrial | | Process | | Contractor | | Industrial | | Process |
Net Sales (in millions) | $ | 269.6 | | | $ | 155.7 | | | $ | 127.9 | | | $ | 499.7 | | | $ | 297.7 | | | $ | 248.0 | |
Percentage change from last year | | | | | | | | | | | |
Sales | 5 | % | | (5) | % | | (9) | % | | — | % | | (5) | % | | (9) | % |
Operating earnings | 22 | % | | (6) | % | | (15) | % | | 6 | % | | (10) | % | | (14) | % |
Operating earnings as a percentage of sales | | | | | | | | | | | |
2024 | 31 | % | | 34 | % | | 29 | % | | 30 | % | | 33 | % | | 29 | % |
2023 | 27 | % | | 34 | % | | 31 | % | | 28 | % | | 35 | % | | 31 | % |
Components of net sales change by geographic region for the Contractor segment were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | 9% | | 0% | | 0% | | 9% | | (1)% | | 0% | | 0% | | (1)% |
EMEA | (7)% | | 0% | | (1)% | | (8)% | | 0% | | 0% | | 1% | | 1% |
Asia Pacific | 10% | | 0% | | (3)% | | 7% | | 3% | | 0% | | (4)% | | (1)% |
Consolidated | 6% | | 0% | | (1)% | | 5% | | 0% | | 0% | | 0% | | 0% |
Favorable response from new product offerings led to a 5 percent increase in net sales for the second quarter. Net sales were flat for the year to date as favorable response from new product offerings offset softness in worldwide construction markets. The operating margin rate increased 4 percentage points for the quarter driven by lower product costs and price realization. For the year to date, lower product costs and price realization were partially offset by higher expenses, particularly in new product development, resulting in a 2 percentage point increase to the operating margin rate.
Components of net sales change by geographic region for the Industrial segment were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | 10% | | 0% | | 0% | | 10% | | 4% | | 0% | | 0% | | 4% |
EMEA | (2)% | | 0% | | (1)% | | (3)% | | (3)% | | 0% | | 0% | | (3)% |
Asia Pacific | (25)% | | 0% | | (2)% | | (27)% | | (19)% | | 0% | | (2)% | | (21)% |
Consolidated | (4)% | | 0% | | (1)% | | (5)% | | (5)% | | 0% | | 0% | | (5)% |
Industrial segment net sales decreased 5 percent for the second quarter and year to date, as growth in the Americas was more than offset by double-digit declines in Asia Pacific. The operating margin rate was flat for the quarter and decreased 2 percentage points for the year to date. The favorable effects of product and channel mix was able to offset higher expenses for the quarter, but unable to offset higher expenses for the year to date. Changes in foreign currency translation rates further reduced the operating margin rate for the year to date.
Components of net sales change by geographic region for the Process segment were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months | | Six Months |
| Volume and Price | | Acquisitions | | Currency | | Total | | Volume and Price | | Acquisitions | | Currency | | Total |
Americas | (5)% | | 0% | | 0% | | (5)% | | (6)% | | 0% | | 0% | | (6)% |
EMEA | (9)% | | 0% | | 0% | | (9)% | | (8)% | | 0% | | 0% | | (8)% |
Asia Pacific | (19)% | | 0% | | (1)% | | (20)% | | (20)% | | 0% | | (2)% | | (22)% |
Consolidated | (9)% | | 0% | | 0% | | (9)% | | (9)% | | 0% | | 0% | | (9)% |
Process segment net sales decreased 9 percent for both the second quarter and year to date, as sales decreased in most product applications. Weakness in the semiconductor and industrial lubrication product applications was notable for both the quarter and year to date. The operating margin rate for this segment decreased approximately 2 percentage points for the quarter and year to date due primarily to unfavorable expense leverage on lower sales volume.
Outlook
“Given the slow first half of the year in both our Industrial and Process segments, we are lowering our full-year 2024 worldwide outlook to low single-digit sales decline on an organic, constant currency basis,” stated Sheahan. “While overall economic conditions are challenging, particularly in Asia Pacific, Graco is well-positioned for the long term as we continue to pursue our proven growth strategies and invest in our businesses.”
Financial Results Adjusted for Comparability
Excluding the impacts of excess tax benefits from stock option exercises presents a more consistent basis for comparison of financial results. A calculation of the non-GAAP adjusted measurements of income taxes, effective income tax rate, net earnings and diluted earnings per share follows (in millions except per share amounts):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| Jun 28, 2024 | | Jun 30, 2023 | | Jun 28, 2024 | | Jun 30, 2023 |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Earnings before income taxes | $ | 165.2 | | | $ | 159.6 | | | $ | 305.5 | | | $ | 317.0 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Income taxes, as reported | $ | 32.2 | | | $ | 25.4 | | | $ | 50.3 | | | $ | 53.5 | |
| | | | | | | |
| | | | | | | |
Excess tax benefit from option exercises | 0.8 | | | 5.5 | | | 10.4 | | | 8.1 | |
| | | | | | | |
Income taxes, adjusted | $ | 33.0 | | | $ | 30.9 | | | $ | 60.7 | | | $ | 61.6 | |
| | | | | | | |
Effective income tax rate | | | | | | | |
As reported | 19.5 | % | | 15.9 | % | | 16.5 | % | | 16.9 | % |
Adjusted | 20.0 | % | | 19.4 | % | | 19.9 | % | | 19.4 | % |
| | | | | | | |
Net Earnings, as reported | $ | 133.0 | | | $ | 134.3 | | | $ | 255.2 | | | $ | 263.4 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Excess tax benefit from option exercises | (0.8) | | | (5.5) | | | (10.4) | | | (8.1) | |
Net Earnings, adjusted | $ | 132.2 | | | $ | 128.8 | | | $ | 244.8 | | | $ | 255.3 | |
| | | | | | | |
Weighted Average Diluted Shares | 172.5 | | | 172.6 | | | 172.5 | | | 172.1 | |
Diluted Earnings per Share | | | | | | | |
As reported | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | |
Adjusted | $ | 0.77 | | | $ | 0.75 | | | $ | 1.42 | | | $ | 1.48 | |
Cautionary Statement Regarding Forward-Looking Statements
The Company desires to take advantage of the “safe harbor” provisions regarding forward-looking statements of the Private Securities Litigation Reform Act of 1995 and is filing this Cautionary Statement in order to do so. From time to time various forms filed by our Company with the Securities and Exchange Commission, including our Form 10-K, Form 10-Qs and Form 8-Ks, and other disclosures, including our 2023 Overview report, press releases, earnings releases, analyst briefings, conference calls and other written documents or oral statements released by our Company, may contain forward-looking statements. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” and similar expressions, and reflect our Company’s expectations concerning the future. All forecasts and projections are forward-looking statements. Forward-looking statements are based upon currently available information, but various risks and uncertainties may cause our Company’s actual results to differ materially from those expressed in these statements. The Company undertakes no obligation to update these statements in light of new information or future events.
Future results could differ materially from those expressed, due to the impact of changes in various factors. These risk factors include, but are not limited to, risks relating to the demand for our products and the level of commercial and industrial activity worldwide; changes in currency translation rates; international and domestic political instability; interest rate fluctuations and changes in credit markets; global sourcing of materials; interruptions of or intrusions into our information systems; intellectual property rights; the use of generative artificial intelligence; conducting business internationally; catastrophic events; our ability to attract, develop and retain qualified personnel; public health crises; our growth strategies and acquisitions; potential goodwill impairment; our ability to compete effectively; our dependence on a few large customers; our dependence on cyclical industries; changes in laws and regulations; climate-related laws, regulations and accords; environmental, social and governance-related expectations and requirements; compliance with anti-corruption and trade laws; changes in tax rates or the adoption of new tax legislation; and costs associated with legal proceedings. Please refer to Item 1A of our Annual Report on Form 10-K for fiscal year 2023 (and the most recent Form 10-Q) for a more comprehensive discussion of these and other risk factors. These reports are available on the Company’s website at www.graco.com and the Securities and Exchange Commission’s website at www.sec.gov. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
Investors should realize that factors other than those identified above and in Item 1A of our Annual Report on Form 10-K for fiscal year 2023 might prove important to the Company’s future results. It is not possible for management to identify each and every factor that may have an impact on the Company’s operations in the future as new factors can develop from time to time.
Conference Call
Graco management will hold a conference call, including slides via webcast, with analysts and institutional investors on Thursday, July 25, 2024, at 11 a.m. ET, 10 a.m. CT, to discuss Graco’s second quarter results.
A real-time listen-only webcast of the conference call will be broadcast by Nasdaq. Individuals can access the call and view the slides on the Company’s website at www.graco.com. Listeners should go to the website at least 15 minutes prior to the live conference call to install any necessary audio software.
About Graco
Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.
GRACO INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
(In thousands except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| Jun 28, 2024 | | Jun 30, 2023 | | Jun 28, 2024 | | Jun 30, 2023 |
Net Sales | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
Cost of products sold | 252,389 | | | 268,229 | | | 478,381 | | | 512,735 | |
Gross Profit | 300,854 | | | 291,415 | | | 567,051 | | | 576,555 | |
Product development | 21,897 | | | 21,286 | | | 43,769 | | | 41,765 | |
Selling, marketing and distribution | 69,001 | | | 68,380 | | | 135,632 | | | 133,763 | |
General and administrative | 48,597 | | | 44,697 | | | 93,295 | | | 87,307 | |
| | | | | | | |
| | | | | | | |
Operating Earnings | 161,359 | | | 157,052 | | | 294,355 | | | 313,720 | |
Interest expense | 634 | | | 1,798 | | | 1,378 | | | 3,145 | |
Other (income) expense, net | (4,453) | | | (4,365) | | | (12,531) | | | (6,394) | |
Earnings Before Income Taxes | 165,178 | | | 159,619 | | | 305,508 | | | 316,969 | |
Income taxes | 32,200 | | | 25,351 | | | 50,331 | | | 53,535 | |
Net Earnings | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | |
Net Earnings per Common Share | | | | | | | |
Basic | $ | 0.79 | | | $ | 0.80 | | | $ | 1.51 | | | $ | 1.56 | |
Diluted | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | |
Weighted Average Number of Shares | | | | | | | |
Basic | 169,100 | | | 168,683 | | | 168,795 | | | 168,351 | |
Diluted | 172,486 | | | 172,551 | | | 172,466 | | | 172,114 | |
SEGMENT INFORMATION (Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| Jun 28, 2024 | | Jun 30, 2023 | | Jun 28, 2024 | | Jun 30, 2023 |
Net Sales | | | | | | | |
Contractor | $ | 269,638 | | | $ | 255,648 | | | $ | 499,680 | | | $ | 501,619 | |
Industrial | 155,708 | | | 163,523 | | | 297,699 | | | 313,713 | |
Process | 127,897 | | | 140,473 | | | 248,053 | | | 273,958 | |
Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
Operating Earnings | | | | | | | |
Contractor | $ | 84,362 | | | $ | 68,868 | | | $ | 150,503 | | | $ | 142,640 | |
Industrial | 52,720 | | | 55,887 | | | 97,521 | | | 108,657 | |
Process | 37,279 | | | 43,620 | | | 72,319 | | | 84,185 | |
Unallocated corporate (expense) | (13,002) | | | (11,323) | | | (25,988) | | | (21,762) | |
| | | | | | | |
| | | | | | | |
Total | $ | 161,359 | | | $ | 157,052 | | | $ | 294,355 | | | $ | 313,720 | |
v3.24.2
Cover - shares
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v3.24.2
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Net Sales |
$ 553,243
|
$ 559,644
|
$ 1,045,432
|
$ 1,089,290
|
Cost of products sold |
252,389
|
268,229
|
478,381
|
512,735
|
Gross Profit |
300,854
|
291,415
|
567,051
|
576,555
|
Product development |
21,897
|
21,286
|
43,769
|
41,765
|
Selling, marketing and distribution |
69,001
|
68,380
|
135,632
|
133,763
|
General and administrative |
48,597
|
44,697
|
93,295
|
87,307
|
Operating Earnings |
161,359
|
157,052
|
294,355
|
313,720
|
Interest expense |
634
|
1,798
|
1,378
|
3,145
|
Other (income) expense, net |
(4,453)
|
(4,365)
|
(12,531)
|
(6,394)
|
Earnings Before Income Taxes |
165,178
|
159,619
|
305,508
|
316,969
|
Income taxes |
32,200
|
25,351
|
50,331
|
53,535
|
Net Earnings |
$ 132,978
|
$ 134,268
|
$ 255,177
|
$ 263,434
|
Net Earnings per Common Share |
|
|
|
|
Basic (in dollars per share) |
$ 0.79
|
$ 0.80
|
$ 1.51
|
$ 1.56
|
Diluted (in dollars per share) |
$ 0.77
|
$ 0.78
|
$ 1.48
|
$ 1.53
|
X |
- DefinitionThe aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
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v3.24.2
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net Earnings |
$ 132,978
|
$ 134,268
|
$ 255,177
|
$ 263,434
|
Components of other comprehensive income (loss) |
|
|
|
|
Cumulative translation adjustment |
(811)
|
4,553
|
(19,517)
|
9,528
|
Pension and postretirement medical liability adjustment |
1,304
|
1,195
|
2,222
|
2,327
|
Income taxes - pension and postretirement medical liability adjustment |
(352)
|
(264)
|
(589)
|
(508)
|
Other comprehensive income (loss) |
141
|
5,484
|
(17,884)
|
11,347
|
Comprehensive Income |
$ 133,119
|
$ 139,752
|
$ 237,293
|
$ 274,781
|
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v3.24.2
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 28, 2024 |
Dec. 29, 2023 |
Current Assets |
|
|
Cash and cash equivalents |
$ 666,006
|
$ 537,951
|
Accounts receivable, less allowances of $5,800 and $5,300 |
350,622
|
354,439
|
Inventories |
457,604
|
438,349
|
Other current assets |
50,000
|
35,070
|
Total current assets |
1,524,232
|
1,365,809
|
Property, Plant and Equipment, net |
767,722
|
741,713
|
Goodwill |
363,537
|
370,228
|
Other Intangible Assets, net |
113,979
|
126,258
|
Operating Lease Assets |
16,561
|
18,768
|
Deferred Income Taxes |
51,971
|
61,381
|
Other Assets |
41,895
|
37,850
|
Total Assets |
2,879,897
|
2,722,007
|
Current Liabilities |
|
|
Notes payable to banks |
30,040
|
30,036
|
Trade accounts payable |
75,268
|
72,214
|
Salaries and incentives |
49,816
|
64,802
|
Dividends payable |
43,095
|
42,789
|
Other current liabilities |
164,116
|
185,359
|
Total current liabilities |
362,335
|
395,200
|
Retirement Benefits and Deferred Compensation |
80,285
|
80,347
|
Operating Lease Liabilities |
9,751
|
11,785
|
Deferred Income Taxes |
6,947
|
8,215
|
Other Non-current Liabilities |
2,094
|
2,235
|
Shareholders’ Equity |
|
|
Common stock |
168,927
|
167,946
|
Additional paid-in-capital |
922,203
|
863,336
|
Retained earnings |
1,380,234
|
1,227,938
|
Accumulated other comprehensive loss |
(52,879)
|
(34,995)
|
Total shareholders’ equity |
2,418,485
|
2,224,225
|
Total Liabilities and Shareholders’ Equity |
$ 2,879,897
|
$ 2,722,007
|
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v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Cash Flows From Operating Activities |
|
|
Net Earnings |
$ 255,177
|
$ 263,434
|
Adjustments to reconcile net earnings to net cash provided by operating activities |
|
|
Depreciation and amortization |
39,325
|
36,117
|
Deferred income taxes |
7,677
|
7,650
|
Share-based compensation |
20,105
|
18,417
|
Change in |
|
|
Accounts receivable |
(1,373)
|
(17,421)
|
Inventories |
(22,221)
|
(184)
|
Trade accounts payable |
10,645
|
(8,243)
|
Salaries and incentives |
(15,482)
|
(10,179)
|
Retirement benefits and deferred compensation |
3,193
|
1,953
|
Other accrued liabilities |
(28,649)
|
(5,728)
|
Other |
(10,475)
|
(3,493)
|
Net cash provided by operating activities |
257,922
|
282,323
|
Cash Flows From Investing Activities |
|
|
Property, plant and equipment additions |
(73,449)
|
(92,232)
|
Other |
5,568
|
(940)
|
Net cash used in investing activities |
(67,881)
|
(93,172)
|
Cash Flows From Financing Activities |
|
|
Borrowings on short-term lines of credit, net |
712
|
28,966
|
Payments of debt issuance costs |
0
|
(1,025)
|
Common stock issued |
46,802
|
52,053
|
Common stock repurchased |
(17,761)
|
(7,766)
|
Taxes paid related to net share settlement of equity awards |
(4,612)
|
(1,225)
|
Cash dividends paid |
(85,983)
|
(78,991)
|
Net cash used in financing activities |
(60,842)
|
(7,988)
|
Effect of exchange rate changes on cash |
(1,144)
|
274
|
Net increase in cash and cash equivalents |
128,055
|
181,437
|
Cash and Cash Equivalents |
|
|
Beginning of year |
537,951
|
339,196
|
End of period |
$ 666,006
|
$ 520,633
|
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v3.24.2
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 30, 2022 |
$ 1,859,652
|
$ 167,702
|
$ 784,477
|
$ 976,851
|
$ (69,378)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Shares issued |
50,828
|
1,398
|
49,430
|
|
|
Shares repurchased |
(7,766)
|
(115)
|
(539)
|
(7,112)
|
|
Stock compensation cost |
17,532
|
|
17,532
|
|
|
Net earnings |
263,434
|
|
|
263,434
|
|
Dividends declared |
(78,720)
|
|
|
(78,720)
|
|
Other comprehensive income (loss) |
11,347
|
|
|
|
11,347
|
Ending balance at Jun. 30, 2023 |
2,116,307
|
168,985
|
850,900
|
1,154,453
|
(58,031)
|
Beginning balance at Mar. 31, 2023 |
1,986,343
|
168,308
|
821,570
|
1,059,980
|
(63,515)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Shares issued |
21,027
|
677
|
20,350
|
|
|
Stock compensation cost |
8,980
|
|
8,980
|
|
|
Net earnings |
134,268
|
|
|
134,268
|
|
Dividends declared |
(39,795)
|
|
|
(39,795)
|
|
Other comprehensive income (loss) |
5,484
|
|
|
|
5,484
|
Ending balance at Jun. 30, 2023 |
2,116,307
|
168,985
|
850,900
|
1,154,453
|
(58,031)
|
Beginning balance at Dec. 29, 2023 |
2,224,225
|
167,946
|
863,336
|
1,227,938
|
(34,995)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Shares issued |
42,190
|
1,205
|
40,985
|
|
|
Shares repurchased |
(17,761)
|
(224)
|
(946)
|
(16,591)
|
|
Stock compensation cost |
18,828
|
|
18,828
|
|
|
Net earnings |
255,177
|
|
|
255,177
|
|
Dividends declared |
(86,290)
|
|
|
(86,290)
|
|
Other comprehensive income (loss) |
(17,884)
|
|
|
|
(17,884)
|
Ending balance at Jun. 28, 2024 |
2,418,485
|
168,927
|
922,203
|
1,380,234
|
(52,879)
|
Beginning balance at Mar. 29, 2024 |
2,335,649
|
169,125
|
912,414
|
1,307,130
|
(53,020)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Shares issued |
1,433
|
26
|
1,407
|
|
|
Shares repurchased |
(17,761)
|
(224)
|
(946)
|
(16,591)
|
|
Stock compensation cost |
9,328
|
|
9,328
|
|
|
Net earnings |
132,978
|
|
|
132,978
|
|
Dividends declared |
(43,283)
|
|
|
(43,283)
|
|
Other comprehensive income (loss) |
141
|
|
|
|
141
|
Ending balance at Jun. 28, 2024 |
$ 2,418,485
|
$ 168,927
|
$ 922,203
|
$ 1,380,234
|
$ (52,879)
|
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.24.2
Basis of Presentation
|
6 Months Ended |
Jun. 28, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The consolidated balance sheet of Graco Inc. and subsidiaries (the “Company”) as of June 28, 2024 and the related statements of earnings, comprehensive income and shareholders' equity for the three and six months ended June 28, 2024 and June 30, 2023, and cash flows for the six months ended June 28, 2024 and June 30, 2023 have been prepared by the Company and have not been audited.
In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 28, 2024, and the results of operations and cash flows for all periods presented.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2023 ( the "2023 Annual Report").
The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.
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v3.24.2
Segment Information
|
6 Months Ended |
Jun. 28, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information The Company has three reportable segments: Contractor, Industrial and Process. Sales and operating earnings by segment were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net Sales | | | | | | | | Contractor | $ | 269,638 | | | $ | 255,648 | | | $ | 499,680 | | | $ | 501,619 | | Industrial | 155,708 | | | 163,523 | | | 297,699 | | | 313,713 | | Process | 127,897 | | | 140,473 | | | 248,053 | | | 273,958 | | Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | | Operating Earnings | | | | | | | | Contractor | $ | 84,362 | | | $ | 68,868 | | | $ | 150,503 | | | $ | 142,640 | | Industrial | 52,720 | | | 55,887 | | | 97,521 | | | 108,657 | | Process | 37,279 | | | 43,620 | | | 72,319 | | | 84,185 | | Unallocated corporate (expense) | (13,002) | | | (11,323) | | | (25,988) | | | (21,762) | | | | | | | | | | | | | | | | | | Total | $ | 161,359 | | | $ | 157,052 | | | $ | 294,355 | | | $ | 313,720 | |
Assets by segment were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Contractor | $ | 756,733 | | | $ | 712,224 | | Industrial | 612,236 | | | 640,487 | | Process | 545,857 | | | 554,753 | | Unallocated corporate | 965,071 | | | 814,543 | | Total | $ | 2,879,897 | | | $ | 2,722,007 | |
Geographic information follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net Sales (based on customer location) | | | | | | | | United States | $ | 315,095 | | | $ | 301,953 | | | $ | 582,927 | | | $ | 590,942 | | Other countries | 238,148 | | | 257,691 | | | 462,505 | | | 498,348 | | Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
| | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Long-lived Assets | | | | United States | $ | 645,033 | | | $ | 622,430 | | Other countries | 122,689 | | | 119,283 | | Total | $ | 767,722 | | | $ | 741,713 | |
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v3.24.2
Earnings per Share
|
6 Months Ended |
Jun. 28, 2024 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
Earnings per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net earnings available to common shareholders | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | | Weighted average shares outstanding for basic earnings per share | 169,100 | | | 168,683 | | | 168,795 | | | 168,351 | | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,386 | | | 3,868 | | | 3,671 | | | 3,763 | | Weighted average shares outstanding for diluted earnings per share | 172,486 | | | 172,551 | | | 172,466 | | | 172,114 | | Basic earnings per share | $ | 0.79 | | | $ | 0.80 | | | $ | 1.51 | | | $ | 1.56 | | Diluted earnings per share | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | | | | | | | | | | Anti-dilutive shares not included in diluted earnings per share computation | 1,199 | | | 1,868 | | | 2,139 | | | 2,206 | |
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v3.24.2
Share-Based Awards
|
6 Months Ended |
Jun. 28, 2024 |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] |
|
Share-Based Awards |
Share-Based Awards Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): | | | | | | | | | | | | | | | | | | | | | | | | | Option Shares | | Weighted Average Exercise Price | | Options Exercisable | | Weighted Average Exercise Price | Outstanding, December 29, 2023 | 9,904 | | | $ | 49.09 | | | 7,274 | | | $ | 41.46 | | Granted | 925 | | | 80.28 | | | | | | Exercised | (923) | | | 42.10 | | | | | | Canceled | (40) | | | 74.66 | | | | | | Outstanding, June 28, 2024 | 9,866 | | | $ | 54.65 | | | 7,176 | | | $ | 46.17 | |
The Company recognized year-to-date share-based compensation expense of $20.1 million in 2024 and $18.4 million in 2023. As of June 28, 2024, there was $26.4 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 2.7 years.
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: | | | | | | | | | | | | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | Expected life in years | 6.6 | | 6.7 | Interest rate | 4.2 | % | | 4.0 | % | Volatility | 26.3 | % | | 26.3 | % | Dividend yield | 1.1 | % | | 1.3 | % | Weighted average fair value per share | $ | 28.03 | | | $ | 21.76 | |
Under the Company’s Employee Stock Purchase Plan, the Company issued 330,000 shares in 2024 and 323,000 shares in 2023. The fair value of the employees’ purchase rights under this plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results: | | | | | | | | | | | | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | Expected life in years | 1.0 | | 1.0 | Interest rate | 4.9 | % | | 5.1 | % | Volatility | 24.2 | % | | 26.4 | % | Dividend yield | 1.1 | % | | 1.4 | % | Weighted average fair value per share | $ | 23.16 | | | $ | 18.04 | |
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v3.24.2
Retirement Benefits
|
6 Months Ended |
Jun. 28, 2024 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
|
Retirement Benefits |
Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Pension Benefits | | | | | | | | Service cost | $ | 1,253 | | | $ | 1,467 | | | $ | 2,720 | | | $ | 2,931 | | Interest cost | 2,204 | | | 3,798 | | | 4,634 | | | 7,575 | | Expected return on assets | (2,623) | | | (3,980) | | | (5,067) | | | (7,955) | | Amortization and other | 707 | | | 415 | | | 1,643 | | | 855 | | Net periodic benefit cost | $ | 1,541 | | | $ | 1,700 | | | $ | 3,930 | | | $ | 3,406 | | Postretirement Medical | | | | | | | | Service cost | $ | 67 | | | $ | 100 | | | $ | 167 | | | $ | 200 | | Interest cost | 256 | | | 210 | | | 556 | | | 420 | | Amortization | (28) | | | 90 | | | (53) | | | 180 | | Net periodic benefit cost | $ | 295 | | | $ | 400 | | | $ | 670 | | | $ | 800 | |
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v3.24.2
Shareholders' Equity
|
6 Months Ended |
Jun. 28, 2024 |
Stockholders' Equity Note [Abstract] |
|
Shareholders' Equity |
Shareholders’ Equity Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | Pension and Post-retirement Medical | | Cumulative Translation Adjustment | | Total | Three Months Ended June 28, 2024 | | | | | | Balance, March 29, 2024 | $ | (30,331) | | | $ | (22,689) | | | $ | (53,020) | | Other comprehensive income (loss) before reclassifications | — | | | (811) | | | (811) | | Reclassified to pension cost and deferred tax | 952 | | | — | | | 952 | | | | | | | | Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | |
| | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 28, 2024 | | | | | | Balance, December 29, 2023 | $ | (31,012) | | | $ | (3,983) | | | $ | (34,995) | | Other comprehensive income (loss) before reclassifications | — | | | (19,517) | | | (19,517) | | Reclassified to pension cost and deferred tax | 1,633 | | | — | | | 1,633 | | | | | | | | Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | | | | Balance, March 31, 2023 | $ | (38,846) | | | $ | (24,669) | | | $ | (63,515) | | Other comprehensive income (loss) before reclassifications | — | | | 4,553 | | | 4,553 | | Reclassified to pension cost and deferred tax | 931 | | | — | | | 931 | | | | | | | | Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | |
| | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | | | | | Balance, December 30, 2022 | $ | (39,734) | | | $ | (29,644) | | | $ | (69,378) | | Other comprehensive income (loss) before reclassifications | — | | | 9,528 | | | 9,528 | | Reclassified to pension cost and deferred tax | 1,819 | | | — | | | 1,819 | | | | | | | | Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | | | | | | | | Amoun ts related to pension and post-retirement medical adjustments are reclassified to non-service components of pension cost that are included within other non-operating expenses.
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v3.24.2
Receivables and Credit Losses
|
6 Months Ended |
Jun. 28, 2024 |
Credit Loss [Abstract] |
|
Receivables and Credit Losses |
Receivables and Credit Losses Accounts receivable include trade receivables of $338.8 million and other receivables of $11.8 million as of June 28, 2024 and $343.0 million and $11.4 million of trade receivables and other receivables, respectively, as of December 29, 2023.
Allowance for Credit Losses
Following is a summary of activity for credit losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Balance, beginning | $ | 4,593 | | | $ | 4,232 | | | $ | 4,655 | | | $ | 6,130 | | Additions charged to costs and expenses | 455 | | | 417 | | | 505 | | | 280 | | Deductions from reserves (1) | (135) | | | (449) | | | (167) | | | (2,269) | | Other (deductions) additions (2) | (28) | | | (1) | | | (108) | | | 58 | | Balance, ending | $ | 4,885 | | | $ | 4,199 | | | $ | 4,885 | | | $ | 4,199 | |
(1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes effects of foreign currency translation.
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v3.24.2
Inventories
|
6 Months Ended |
Jun. 28, 2024 |
Inventory, Net [Abstract] |
|
Inventories |
Inventories Major components of inventories were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Finished products and components | $ | 243,110 | | | $ | 221,847 | | Products and components in various stages of completion | 124,741 | | | 131,906 | | Raw materials and purchased components | 207,142 | | | 202,294 | | Subtotal | 574,993 | | | 556,047 | | Reduction to LIFO cost | (117,389) | | | (117,698) | | Total | $ | 457,604 | | | $ | 438,349 | |
|
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2
Intangible Assets
|
6 Months Ended |
Jun. 28, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets |
Intangible Assets Components of other intangible assets were as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Finite Life | | Indefinite Life | | | | Customer Relationships | | Patents and Proprietary Technology | | Trademarks, Trade Names and Other | | Trade Names | | Total | As of June 28, 2024 | | | | | | | | | | Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | | Accumulated amortization | (135,516) | | | (9,423) | | | (677) | | | — | | | (145,616) | | Foreign currency translation | (8,865) | | | (375) | | | — | | | (689) | | | (9,929) | | Book value | $ | 47,036 | | | $ | 4,376 | | | $ | 623 | | | $ | 61,944 | | | $ | 113,979 | | Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 29, 2023 | | | | | | | | | | Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | | Accumulated amortization | (128,248) | | | (8,547) | | | (561) | | | — | | | (137,356) | | Foreign currency translation | (7,591) | | | (344) | | | — | | | 2,025 | | | (5,910) | | Book value | $ | 55,578 | | | $ | 5,283 | | | $ | 739 | | | $ | 64,658 | | | $ | 126,258 | | Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
Amortization of intangibles for the second quarter was $4.1 million in 2024 and $4.4 million in 2023, and for the year to date was $8.3 million in 2024 and $8.9 million in 2023. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 (Remainder) | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | Estimated Amortization Expense | $ | 8,105 | | | $ | 15,964 | | | $ | 9,092 | | | $ | 6,372 | | | $ | 4,222 | | | $ | 8,280 | |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Contractor | | Industrial | | Process | | Total | Balance, December 29, 2023 | $ | 77,542 | | | $ | 143,132 | | | $ | 149,554 | | | $ | 370,228 | | | | | | | | | | | | | | | | | | Foreign currency translation | (447) | | | (6,063) | | | (181) | | | (6,691) | | Balance, June 28, 2024 | $ | 77,095 | | | $ | 137,069 | | | $ | 149,373 | | | $ | 363,537 | |
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v3.24.2
Other Current Liabilities
|
6 Months Ended |
Jun. 28, 2024 |
Accrued Liabilities, Current [Abstract] |
|
Other Current Liabilities |
Other Current Liabilities Components of other current liabilities were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Accrued self-insurance retentions | $ | 8,918 | | | $ | 8,654 | | Accrued warranty and service liabilities | 14,534 | | | 15,408 | | Accrued trade promotions | 11,507 | | | 14,312 | | Payable for employee stock purchases | 8,079 | | | 16,639 | | Customer advances and deferred revenue | 51,412 | | | 51,578 | | Income taxes payable | 6,899 | | | 9,837 | | Tax payable, other | 10,317 | | | 12,289 | | Right of return refund liability | 17,536 | | | 17,826 | | Operating lease liabilities, current | 7,247 | | | 8,242 | | | | | | Other | 27,667 | | | 30,574 | | Total | $ | 164,116 | | | $ | 185,359 | |
A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors, including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands): | | | | | | Balance, December 29, 2023 | $ | 15,408 | | | | Charged to expense | 4,620 | | Margin on parts sales reversed | 1,649 | | Reductions for claims settled | (7,143) | | Balance, June 28, 2024 | $ | 14,534 | |
Customer Advances and Deferred Revenue Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. During the three and six months ended June 28, 2024, we recognized $13.4 million and $42.1 million, respectively, that was included in deferred revenue at December 29, 2023. During the three and six months ended June 30, 2023, we recognized $16.0 million and $36.6 million, respectively, that were included in deferred revenue at December 30, 2022.
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v3.24.2
Fair Value
|
6 Months Ended |
Jun. 28, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value |
Fair Value Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Level | | June 28, 2024 | | December 29, 2023 | Assets | | | | | | Cash surrender value of life insurance | 2 | | $ | 23,571 | | | $ | 22,255 | | Forward exchange contracts | 2 | | 398 | | | — | | Total assets at fair value | | | $ | 23,969 | | | $ | 22,255 | | Liabilities | | | | | | Contingent consideration | 3 | | $ | — | | | $ | 1,375 | | Deferred compensation | 2 | | 7,284 | | | 6,445 | | Forward exchange contracts | 2 | | — | | | 422 | | Total liabilities at fair value | | | $ | 7,284 | | | $ | 8,242 | |
Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds.
Contingent consideration liabilities represent the estimated value (using a probability-weighted expected return approach) of future payments to be made to previous owners of certain acquired businesses based on future revenues.
The fair value of variable rate borrowings approximates carrying value. The Company uses significant other observable inputs to estimate fair value (level 2 of the fair value hierarchy) based on the present value of future cash flows and rates that would be available for issuance of debt with similar terms and remaining maturities.
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v3.24.2
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure |
|
|
|
|
Net Earnings |
$ 132,978
|
$ 134,268
|
$ 255,177
|
$ 263,434
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v3.24.2
Segment Information (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Segment Reporting [Abstract] |
|
Segment Reporting - Operations and Assets |
Sales and operating earnings by segment were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net Sales | | | | | | | | Contractor | $ | 269,638 | | | $ | 255,648 | | | $ | 499,680 | | | $ | 501,619 | | Industrial | 155,708 | | | 163,523 | | | 297,699 | | | 313,713 | | Process | 127,897 | | | 140,473 | | | 248,053 | | | 273,958 | | Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | | Operating Earnings | | | | | | | | Contractor | $ | 84,362 | | | $ | 68,868 | | | $ | 150,503 | | | $ | 142,640 | | Industrial | 52,720 | | | 55,887 | | | 97,521 | | | 108,657 | | Process | 37,279 | | | 43,620 | | | 72,319 | | | 84,185 | | Unallocated corporate (expense) | (13,002) | | | (11,323) | | | (25,988) | | | (21,762) | | | | | | | | | | | | | | | | | | Total | $ | 161,359 | | | $ | 157,052 | | | $ | 294,355 | | | $ | 313,720 | |
Assets by segment were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Contractor | $ | 756,733 | | | $ | 712,224 | | Industrial | 612,236 | | | 640,487 | | Process | 545,857 | | | 554,753 | | Unallocated corporate | 965,071 | | | 814,543 | | Total | $ | 2,879,897 | | | $ | 2,722,007 | |
|
Segment Reporting - Geographic |
Geographic information follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net Sales (based on customer location) | | | | | | | | United States | $ | 315,095 | | | $ | 301,953 | | | $ | 582,927 | | | $ | 590,942 | | Other countries | 238,148 | | | 257,691 | | | 462,505 | | | 498,348 | | Total | $ | 553,243 | | | $ | 559,644 | | | $ | 1,045,432 | | | $ | 1,089,290 | |
| | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Long-lived Assets | | | | United States | $ | 645,033 | | | $ | 622,430 | | Other countries | 122,689 | | | 119,283 | | Total | $ | 767,722 | | | $ | 741,713 | |
|
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v3.24.2
Earnings per Share (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Earnings Per Share [Abstract] |
|
Computation of Basic and Diluted EPS |
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Net earnings available to common shareholders | $ | 132,978 | | | $ | 134,268 | | | $ | 255,177 | | | $ | 263,434 | | Weighted average shares outstanding for basic earnings per share | 169,100 | | | 168,683 | | | 168,795 | | | 168,351 | | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,386 | | | 3,868 | | | 3,671 | | | 3,763 | | Weighted average shares outstanding for diluted earnings per share | 172,486 | | | 172,551 | | | 172,466 | | | 172,114 | | Basic earnings per share | $ | 0.79 | | | $ | 0.80 | | | $ | 1.51 | | | $ | 1.56 | | Diluted earnings per share | $ | 0.77 | | | $ | 0.78 | | | $ | 1.48 | | | $ | 1.53 | | | | | | | | | | Anti-dilutive shares not included in diluted earnings per share computation | 1,199 | | | 1,868 | | | 2,139 | | | 2,206 | |
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v3.24.2
Share-Based Awards (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Share-Based Payment Arrangement, Additional Disclosure [Abstract] |
|
Options Activity and Outstanding |
Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices): | | | | | | | | | | | | | | | | | | | | | | | | | Option Shares | | Weighted Average Exercise Price | | Options Exercisable | | Weighted Average Exercise Price | Outstanding, December 29, 2023 | 9,904 | | | $ | 49.09 | | | 7,274 | | | $ | 41.46 | | Granted | 925 | | | 80.28 | | | | | | Exercised | (923) | | | 42.10 | | | | | | Canceled | (40) | | | 74.66 | | | | | | Outstanding, June 28, 2024 | 9,866 | | | $ | 54.65 | | | 7,176 | | | $ | 46.17 | |
|
Options Fair Value Inputs |
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and results: | | | | | | | | | | | | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | Expected life in years | 6.6 | | 6.7 | Interest rate | 4.2 | % | | 4.0 | % | Volatility | 26.3 | % | | 26.3 | % | Dividend yield | 1.1 | % | | 1.3 | % | Weighted average fair value per share | $ | 28.03 | | | $ | 21.76 | |
|
ESPP Fair Value Inputs |
The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option pricing model with the following assumptions and results: | | | | | | | | | | | | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | Expected life in years | 1.0 | | 1.0 | Interest rate | 4.9 | % | | 5.1 | % | Volatility | 24.2 | % | | 26.4 | % | Dividend yield | 1.1 | % | | 1.4 | % | Weighted average fair value per share | $ | 23.16 | | | $ | 18.04 | |
|
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- DefinitionTabular disclosure of share-based payment arrangement.
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v3.24.2
Retirement Benefits (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
|
Components of Net Periodic Benefit Cost |
The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Pension Benefits | | | | | | | | Service cost | $ | 1,253 | | | $ | 1,467 | | | $ | 2,720 | | | $ | 2,931 | | Interest cost | 2,204 | | | 3,798 | | | 4,634 | | | 7,575 | | Expected return on assets | (2,623) | | | (3,980) | | | (5,067) | | | (7,955) | | Amortization and other | 707 | | | 415 | | | 1,643 | | | 855 | | Net periodic benefit cost | $ | 1,541 | | | $ | 1,700 | | | $ | 3,930 | | | $ | 3,406 | | Postretirement Medical | | | | | | | | Service cost | $ | 67 | | | $ | 100 | | | $ | 167 | | | $ | 200 | | Interest cost | 256 | | | 210 | | | 556 | | | 420 | | Amortization | (28) | | | 90 | | | (53) | | | 180 | | Net periodic benefit cost | $ | 295 | | | $ | 400 | | | $ | 670 | | | $ | 800 | |
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v3.24.2
Shareholders' Equity (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Stockholders' Equity Note [Abstract] |
|
Changes in AOCI |
Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | Pension and Post-retirement Medical | | Cumulative Translation Adjustment | | Total | Three Months Ended June 28, 2024 | | | | | | Balance, March 29, 2024 | $ | (30,331) | | | $ | (22,689) | | | $ | (53,020) | | Other comprehensive income (loss) before reclassifications | — | | | (811) | | | (811) | | Reclassified to pension cost and deferred tax | 952 | | | — | | | 952 | | | | | | | | Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | |
| | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 28, 2024 | | | | | | Balance, December 29, 2023 | $ | (31,012) | | | $ | (3,983) | | | $ | (34,995) | | Other comprehensive income (loss) before reclassifications | — | | | (19,517) | | | (19,517) | | Reclassified to pension cost and deferred tax | 1,633 | | | — | | | 1,633 | | | | | | | | Balance, June 28, 2024 | $ | (29,379) | | | $ | (23,500) | | | $ | (52,879) | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | | | | Balance, March 31, 2023 | $ | (38,846) | | | $ | (24,669) | | | $ | (63,515) | | Other comprehensive income (loss) before reclassifications | — | | | 4,553 | | | 4,553 | | Reclassified to pension cost and deferred tax | 931 | | | — | | | 931 | | | | | | | | Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | |
| | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2023 | | | | | | Balance, December 30, 2022 | $ | (39,734) | | | $ | (29,644) | | | $ | (69,378) | | Other comprehensive income (loss) before reclassifications | — | | | 9,528 | | | 9,528 | | Reclassified to pension cost and deferred tax | 1,819 | | | — | | | 1,819 | | | | | | | | Balance, June 30, 2023 | $ | (37,915) | | | $ | (20,116) | | | $ | (58,031) | | | | | | | |
|
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- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss).
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v3.24.2
Receivables and Credit Losses (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Credit Loss [Abstract] |
|
Accounts Receivable, Allowance for Credit Loss |
Following is a summary of activity for credit losses (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | June 28, 2024 | | June 30, 2023 | | June 28, 2024 | | June 30, 2023 | Balance, beginning | $ | 4,593 | | | $ | 4,232 | | | $ | 4,655 | | | $ | 6,130 | | Additions charged to costs and expenses | 455 | | | 417 | | | 505 | | | 280 | | Deductions from reserves (1) | (135) | | | (449) | | | (167) | | | (2,269) | | Other (deductions) additions (2) | (28) | | | (1) | | | (108) | | | 58 | | Balance, ending | $ | 4,885 | | | $ | 4,199 | | | $ | 4,885 | | | $ | 4,199 | |
(1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes effects of foreign currency translation.
|
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.24.2
Inventories (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Inventory, Net [Abstract] |
|
Components of Inventories |
Major components of inventories were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Finished products and components | $ | 243,110 | | | $ | 221,847 | | Products and components in various stages of completion | 124,741 | | | 131,906 | | Raw materials and purchased components | 207,142 | | | 202,294 | | Subtotal | 574,993 | | | 556,047 | | Reduction to LIFO cost | (117,389) | | | (117,698) | | Total | $ | 457,604 | | | $ | 438,349 | |
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v3.24.2
Intangible Assets (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Other Intangible Assets |
Components of other intangible assets were as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Finite Life | | Indefinite Life | | | | Customer Relationships | | Patents and Proprietary Technology | | Trademarks, Trade Names and Other | | Trade Names | | Total | As of June 28, 2024 | | | | | | | | | | Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | | Accumulated amortization | (135,516) | | | (9,423) | | | (677) | | | — | | | (145,616) | | Foreign currency translation | (8,865) | | | (375) | | | — | | | (689) | | | (9,929) | | Book value | $ | 47,036 | | | $ | 4,376 | | | $ | 623 | | | $ | 61,944 | | | $ | 113,979 | | Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 29, 2023 | | | | | | | | | | Cost | $ | 191,417 | | | $ | 14,174 | | | $ | 1,300 | | | $ | 62,633 | | | $ | 269,524 | | Accumulated amortization | (128,248) | | | (8,547) | | | (561) | | | — | | | (137,356) | | Foreign currency translation | (7,591) | | | (344) | | | — | | | 2,025 | | | (5,910) | | Book value | $ | 55,578 | | | $ | 5,283 | | | $ | 739 | | | $ | 64,658 | | | $ | 126,258 | | Weighted average life in years | 13 | | 9 | | 6 | | N/A | | |
|
Future Amortization Expense |
Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 (Remainder) | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | Estimated Amortization Expense | $ | 8,105 | | | $ | 15,964 | | | $ | 9,092 | | | $ | 6,372 | | | $ | 4,222 | | | $ | 8,280 | |
|
Goodwill Rollforward |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Contractor | | Industrial | | Process | | Total | Balance, December 29, 2023 | $ | 77,542 | | | $ | 143,132 | | | $ | 149,554 | | | $ | 370,228 | | | | | | | | | | | | | | | | | | Foreign currency translation | (447) | | | (6,063) | | | (181) | | | (6,691) | | Balance, June 28, 2024 | $ | 77,095 | | | $ | 137,069 | | | $ | 149,373 | | | $ | 363,537 | |
|
X |
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v3.24.2
Other Current Liabilities (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Accrued Liabilities, Current [Abstract] |
|
Components of Other Current Liabilities |
Components of other current liabilities were as follows (in thousands): | | | | | | | | | | | | | June 28, 2024 | | December 29, 2023 | Accrued self-insurance retentions | $ | 8,918 | | | $ | 8,654 | | Accrued warranty and service liabilities | 14,534 | | | 15,408 | | Accrued trade promotions | 11,507 | | | 14,312 | | Payable for employee stock purchases | 8,079 | | | 16,639 | | Customer advances and deferred revenue | 51,412 | | | 51,578 | | Income taxes payable | 6,899 | | | 9,837 | | Tax payable, other | 10,317 | | | 12,289 | | Right of return refund liability | 17,536 | | | 17,826 | | Operating lease liabilities, current | 7,247 | | | 8,242 | | | | | | Other | 27,667 | | | 30,574 | | Total | $ | 164,116 | | | $ | 185,359 | |
|
Accrued Warranty Activity |
Following is a summary of activity in accrued warranty and service liabilities (in thousands): | | | | | | Balance, December 29, 2023 | $ | 15,408 | | | | Charged to expense | 4,620 | | Margin on parts sales reversed | 1,649 | | Reductions for claims settled | (7,143) | | Balance, June 28, 2024 | $ | 14,534 | |
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v3.24.2
Fair Value (Tables)
|
6 Months Ended |
Jun. 28, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value Schedule |
Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands): | | | | | | | | | | | | | | | | | | | Level | | June 28, 2024 | | December 29, 2023 | Assets | | | | | | Cash surrender value of life insurance | 2 | | $ | 23,571 | | | $ | 22,255 | | Forward exchange contracts | 2 | | 398 | | | — | | Total assets at fair value | | | $ | 23,969 | | | $ | 22,255 | | Liabilities | | | | | | Contingent consideration | 3 | | $ | — | | | $ | 1,375 | | Deferred compensation | 2 | | 7,284 | | | 6,445 | | Forward exchange contracts | 2 | | — | | | 422 | | Total liabilities at fair value | | | $ | 7,284 | | | $ | 8,242 | |
|
X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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v3.24.2
Segment Reporting Information - Operations and Assets (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 28, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 28, 2024
USD ($)
segment
|
Jun. 30, 2023
USD ($)
|
Dec. 29, 2023
USD ($)
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Number of reportable segments | segment |
|
|
3
|
|
|
Net Sales |
$ 553,243
|
$ 559,644
|
$ 1,045,432
|
$ 1,089,290
|
|
Operating Earnings |
161,359
|
157,052
|
294,355
|
313,720
|
|
Total Assets |
2,879,897
|
|
2,879,897
|
|
$ 2,722,007
|
Operating Segments | Contractor |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net Sales |
269,638
|
255,648
|
499,680
|
501,619
|
|
Operating Earnings |
84,362
|
68,868
|
150,503
|
142,640
|
|
Total Assets |
756,733
|
|
756,733
|
|
712,224
|
Operating Segments | Industrial |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net Sales |
155,708
|
163,523
|
297,699
|
313,713
|
|
Operating Earnings |
52,720
|
55,887
|
97,521
|
108,657
|
|
Total Assets |
612,236
|
|
612,236
|
|
640,487
|
Operating Segments | Process |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net Sales |
127,897
|
140,473
|
248,053
|
273,958
|
|
Operating Earnings |
37,279
|
43,620
|
72,319
|
84,185
|
|
Total Assets |
545,857
|
|
545,857
|
|
554,753
|
Unallocated corporate |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Operating Earnings |
(13,002)
|
$ (11,323)
|
(25,988)
|
$ (21,762)
|
|
Total Assets |
$ 965,071
|
|
$ 965,071
|
|
$ 814,543
|
X |
- DefinitionAmount of asset recognized for present right to economic benefit.
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v3.24.2
Segment Reporting Information - Geographic (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Dec. 29, 2023 |
Geographic Information [Line Items] |
|
|
|
|
|
Net Sales |
$ 553,243
|
$ 559,644
|
$ 1,045,432
|
$ 1,089,290
|
|
Long-lived Assets |
767,722
|
|
767,722
|
|
$ 741,713
|
United States |
|
|
|
|
|
Geographic Information [Line Items] |
|
|
|
|
|
Net Sales |
315,095
|
301,953
|
582,927
|
590,942
|
|
Long-lived Assets |
645,033
|
|
645,033
|
|
622,430
|
Other countries |
|
|
|
|
|
Geographic Information [Line Items] |
|
|
|
|
|
Net Sales |
238,148
|
$ 257,691
|
462,505
|
$ 498,348
|
|
Long-lived Assets |
$ 122,689
|
|
$ 122,689
|
|
$ 119,283
|
X |
- DefinitionLong-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets.
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v3.24.2
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
|
|
|
Net earnings available to common shareholders |
$ 132,978
|
$ 134,268
|
$ 255,177
|
$ 263,434
|
Weighted average shares outstanding for basic earnings per share (in shares) |
169,100
|
168,683
|
168,795
|
168,351
|
Dilutive effect of stock options computed using the treasury stock method and the average market price (in shares) |
3,386
|
3,868
|
3,671
|
3,763
|
Weighted average shares outstanding for diluted earnings per share (in shares) |
172,486
|
172,551
|
172,466
|
172,114
|
Basic earnings per share (in dollars per share) |
$ 0.79
|
$ 0.80
|
$ 1.51
|
$ 1.56
|
Diluted earnings per share (in dollars per share) |
$ 0.77
|
$ 0.78
|
$ 1.48
|
$ 1.53
|
Anti-dilutive shares not included in diluted earnings per share computation (in shares) |
1,199
|
1,868
|
2,139
|
2,206
|
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- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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v3.24.2
Retirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Pension Benefits |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Service cost |
$ 1,253
|
$ 1,467
|
$ 2,720
|
$ 2,931
|
Interest cost |
2,204
|
3,798
|
4,634
|
7,575
|
Expected return on assets |
(2,623)
|
(3,980)
|
(5,067)
|
(7,955)
|
Amortization and other |
707
|
415
|
1,643
|
855
|
Net periodic benefit cost |
1,541
|
1,700
|
3,930
|
3,406
|
Postretirement Medical |
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Service cost |
67
|
100
|
167
|
200
|
Interest cost |
256
|
210
|
556
|
420
|
Amortization |
(28)
|
90
|
(53)
|
180
|
Net periodic benefit cost |
$ 295
|
$ 400
|
$ 670
|
$ 800
|
X |
- DefinitionThe amount of gains or losses recognized in net periodic benefit cost. This element may be used to encapsulate any other periodic costs associated with defined benefit plans that are not separately disclosed.
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v3.24.2
Shareholders' Equity (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
Beginning balance |
$ 2,335,649
|
$ 1,986,343
|
$ 2,224,225
|
$ 1,859,652
|
Ending balance |
2,418,485
|
2,116,307
|
2,418,485
|
2,116,307
|
Pension and Post-retirement Medical |
|
|
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
Beginning balance |
(30,331)
|
(38,846)
|
(31,012)
|
(39,734)
|
Other comprehensive income (loss) before reclassifications |
0
|
0
|
0
|
0
|
Reclassified to pension cost and deferred tax |
952
|
931
|
1,633
|
1,819
|
Ending balance |
(29,379)
|
(37,915)
|
(29,379)
|
(37,915)
|
Cumulative Translation Adjustment |
|
|
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
Beginning balance |
(22,689)
|
(24,669)
|
(3,983)
|
(29,644)
|
Other comprehensive income (loss) before reclassifications |
(811)
|
4,553
|
(19,517)
|
9,528
|
Reclassified to pension cost and deferred tax |
0
|
0
|
0
|
0
|
Ending balance |
(23,500)
|
(20,116)
|
(23,500)
|
(20,116)
|
Total |
|
|
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
|
|
Beginning balance |
(53,020)
|
(63,515)
|
(34,995)
|
(69,378)
|
Other comprehensive income (loss) before reclassifications |
(811)
|
4,553
|
(19,517)
|
9,528
|
Reclassified to pension cost and deferred tax |
952
|
931
|
1,633
|
1,819
|
Ending balance |
$ (52,879)
|
$ (58,031)
|
$ (52,879)
|
$ (58,031)
|
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v3.24.2
Receivables and Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 28, 2024 |
Jun. 30, 2023 |
Jun. 28, 2024 |
Jun. 30, 2023 |
Dec. 29, 2023 |
Credit Loss [Abstract] |
|
|
|
|
|
Accounts Receivable, before Allowance for Credit Loss |
$ 338,800
|
|
$ 338,800
|
|
$ 343,000
|
Other Receivables |
11,800
|
|
11,800
|
|
$ 11,400
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
|
Balance, beginning |
4,593
|
$ 4,232
|
4,655
|
$ 6,130
|
|
Additions charged to costs and expenses |
455
|
417
|
505
|
280
|
|
Deductions from reserves |
(135)
|
(449)
|
(167)
|
(2,269)
|
|
Other (deductions) additions |
(28)
|
(1)
|
(108)
|
58
|
|
Balance, ending |
$ 4,885
|
$ 4,199
|
$ 4,885
|
$ 4,199
|
|
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v3.24.2
Inventories (Details) - USD ($) $ in Thousands |
Jun. 28, 2024 |
Dec. 29, 2023 |
Inventory, Net [Abstract] |
|
|
Finished products and components |
$ 243,110
|
$ 221,847
|
Products and components in various stages of completion |
124,741
|
131,906
|
Raw materials and purchased components |
207,142
|
202,294
|
Subtotal |
574,993
|
556,047
|
Reduction to LIFO cost |
(117,389)
|
(117,698)
|
Total |
$ 457,604
|
$ 438,349
|
X |
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v3.24.2
Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Mar. 29, 2024 |
Jun. 28, 2024 |
Dec. 29, 2023 |
Finite Life |
|
|
|
Accumulated amortization |
|
$ (145,616)
|
$ (137,356)
|
Indefinite Life |
|
|
|
Total Cost |
|
269,524
|
269,524
|
Total Foreign Currency Translation |
$ (5,910)
|
(9,929)
|
|
Total Book Value |
|
113,979
|
126,258
|
Trade Names |
|
|
|
Indefinite Life |
|
|
|
Cost |
|
62,633
|
62,633
|
Indefinite-lived Intangible Assets, Foreign Currency Translation Gain (Loss) |
2,025
|
(689)
|
|
Book value |
|
61,944
|
64,658
|
Customer Relationships |
|
|
|
Finite Life |
|
|
|
Cost |
|
191,417
|
191,417
|
Accumulated amortization |
|
(135,516)
|
(128,248)
|
Foreign currency translation |
$ (7,591)
|
(8,865)
|
|
Book value |
|
$ 47,036
|
55,578
|
Weighted average life in years |
13 years
|
13 years
|
|
Patents and Proprietary Technology |
|
|
|
Finite Life |
|
|
|
Cost |
|
$ 14,174
|
14,174
|
Accumulated amortization |
|
(9,423)
|
(8,547)
|
Foreign currency translation |
$ (344)
|
(375)
|
|
Book value |
|
$ 4,376
|
5,283
|
Weighted average life in years |
9 years
|
9 years
|
|
Trademarks, Trade Names and Other |
|
|
|
Finite Life |
|
|
|
Cost |
|
$ 1,300
|
1,300
|
Accumulated amortization |
|
(677)
|
(561)
|
Foreign currency translation |
$ 0
|
0
|
|
Book value |
|
$ 623
|
$ 739
|
Weighted average life in years |
6 years
|
6 years
|
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Intangible Assets - Future Amortization Expense (Details) $ in Thousands |
Jun. 28, 2024
USD ($)
|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] |
|
2024 (Remainder) |
$ 8,105
|
2025 |
15,964
|
2026 |
9,092
|
2027 |
6,372
|
2028 |
4,222
|
Thereafter |
$ 8,280
|
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Intangible Assets - Goodwill Rollforward (Details) $ in Thousands |
6 Months Ended |
Jun. 28, 2024
USD ($)
|
Goodwill [Roll Forward] |
|
Beginning balance |
$ 370,228
|
Foreign currency translation |
(6,691)
|
Ending balance |
363,537
|
Contractor |
|
Goodwill [Roll Forward] |
|
Beginning balance |
77,542
|
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(447)
|
Ending balance |
77,095
|
Industrial |
|
Goodwill [Roll Forward] |
|
Beginning balance |
143,132
|
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(6,063)
|
Ending balance |
137,069
|
Process |
|
Goodwill [Roll Forward] |
|
Beginning balance |
149,554
|
Foreign currency translation |
(181)
|
Ending balance |
$ 149,373
|
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v3.24.2
Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 28, 2024 |
Dec. 29, 2023 |
Other Current Liabilities Details [Abstract] |
|
|
Accrued self-insurance retentions |
$ 8,918
|
$ 8,654
|
Accrued warranty and service liabilities |
14,534
|
15,408
|
Accrued trade promotions |
11,507
|
14,312
|
Payable for employee stock purchases |
8,079
|
16,639
|
Customer advances and deferred revenue |
51,412
|
51,578
|
Income taxes payable |
6,899
|
9,837
|
Tax payable, other |
10,317
|
12,289
|
Right of return refund liability |
17,536
|
17,826
|
Operating lease liabilities, current |
7,247
|
8,242
|
Other |
27,667
|
30,574
|
Total |
$ 164,116
|
$ 185,359
|
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Fair Value (Details) - USD ($) $ in Thousands |
Jun. 28, 2024 |
Dec. 29, 2023 |
Assets |
|
|
Total assets at fair value |
$ 23,969
|
$ 22,255
|
Liabilities |
|
|
Total liabilities at fair value |
7,284
|
8,242
|
Level 2 |
|
|
Assets |
|
|
Cash surrender value of life insurance |
23,571
|
22,255
|
Forward exchange contracts |
398
|
0
|
Liabilities |
|
|
Deferred compensation |
7,284
|
6,445
|
Forward exchange contracts |
0
|
422
|
Level 3 |
|
|
Liabilities |
|
|
Contingent consideration |
$ 0
|
$ 1,375
|
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